Moonwell has just suffered a $8.7 million loss due to a price manipulation attack, and the root cause lies in the MAMO price-oracle feeding mechanism in a market with thin liquidity.
The logic of this attack is actually not complicated: the attacker exploits the fact that the project uses a price-oracle feed for low-liquidity tokens. By pumping or dumping the price with a huge amount, the attacker causes the lending protocol to misjudge the collateral value, ultimately enabling the attacker to extract funds far exceeding the value of the collateral.
DeFi projects on the Base chain have recently been plagued by security issues. Many projects, in order to support emerging local tokens, directly choose illiquid tokens as collateral, while overlooking the risks of price-oracle feeding. Thin liquidity = easier to manipulate—this is an unchanging rule.
DeFi security is always the first red line. Even audited projects may still leave fatal vulnerabilities in their economic model design. Users should stay extra vigilant when participating in any new protocol.
#DeFi #Moonwell #加密安全
The logic of this attack is actually not complicated: the attacker exploits the fact that the project uses a price-oracle feed for low-liquidity tokens. By pumping or dumping the price with a huge amount, the attacker causes the lending protocol to misjudge the collateral value, ultimately enabling the attacker to extract funds far exceeding the value of the collateral.
DeFi projects on the Base chain have recently been plagued by security issues. Many projects, in order to support emerging local tokens, directly choose illiquid tokens as collateral, while overlooking the risks of price-oracle feeding. Thin liquidity = easier to manipulate—this is an unchanging rule.
DeFi security is always the first red line. Even audited projects may still leave fatal vulnerabilities in their economic model design. Users should stay extra vigilant when participating in any new protocol.
#DeFi #Moonwell #加密安全