The decentralized lending protocol Moonwell has just confirmed that it suffered a loss of approximately $8.7 million due to a price manipulation attack. The root cause, however, lies in an MAMO price oracle that has extremely low liquidity.
According to the official disclosure, the attacker exploited a flaw in the MAMO token market depth, manipulating the price feed by pushing incorrect price information, thereby extracting a large amount of other assets at the protocol level. In the end, it resulted in losses of nearly $10 million for the project team and users.
This incident serves as a reminder to all cross-chain DeFi projects:
Even when deploying on a mainstream chain like Base, you still need to be careful about liquidity risk when choosing oracle assets—because the cost of manipulating small-cap token prices is too low.
So far, the Moonwell team has begun handling subsequent steps, pausing the relevant functions and investigating the details of the vulnerability. Going forward, it is expected that upgrades will be made to the price oracle mechanism.
DeFi security has no small matters. When interacting with new projects, everyone should also pay close attention to the underlying protocol-level risks.
#DeFi #加密安全 $ETH
According to the official disclosure, the attacker exploited a flaw in the MAMO token market depth, manipulating the price feed by pushing incorrect price information, thereby extracting a large amount of other assets at the protocol level. In the end, it resulted in losses of nearly $10 million for the project team and users.
This incident serves as a reminder to all cross-chain DeFi projects:
Even when deploying on a mainstream chain like Base, you still need to be careful about liquidity risk when choosing oracle assets—because the cost of manipulating small-cap token prices is too low.
So far, the Moonwell team has begun handling subsequent steps, pausing the relevant functions and investigating the details of the vulnerability. Going forward, it is expected that upgrades will be made to the price oracle mechanism.
DeFi security has no small matters. When interacting with new projects, everyone should also pay close attention to the underlying protocol-level risks.
#DeFi #加密安全 $ETH