DeFi lending protocol Moonwell has just suffered a price manipulation attack, and the final losses have reached approximately $8.7 million ❗️
The root cause of the attack is that the project used MAMO, a very illiquid asset, as its price oracle feed. The attacker dramatically pumped the MAMO price in the secondary market. After manipulating the oracle price feed, they successfully extracted large amounts of other assets.
So far, the Moonwell team has confirmed the attack and stated that the main affected market is the Moonwell Vault on the Base chain.
This once again serves as a warning to all DeFi projects: when choosing assets to feed into a price oracle, you must prioritize assets with sufficient depth and good liquidity. Using low-liquidity tokens to provide price feeds undoubtedly gave attackers an opportunity.
$ETH #DeFi #加密货币安全
The root cause of the attack is that the project used MAMO, a very illiquid asset, as its price oracle feed. The attacker dramatically pumped the MAMO price in the secondary market. After manipulating the oracle price feed, they successfully extracted large amounts of other assets.
So far, the Moonwell team has confirmed the attack and stated that the main affected market is the Moonwell Vault on the Base chain.
This once again serves as a warning to all DeFi projects: when choosing assets to feed into a price oracle, you must prioritize assets with sufficient depth and good liquidity. Using low-liquidity tokens to provide price feeds undoubtedly gave attackers an opportunity.
$ETH #DeFi #加密货币安全