Blockaid traces $9.3 million exploit at More Markets

Blockaid traced an exploit at More Markets on Flow EVM. Blockaid estimated the initial impact at $9.3 million. The exploit involved 15.5 million Wrapped Flow, or WFLOW. More Markets has not confirmed any loss. The team said it is reviewing the claim and will publish findings after the review. More Markets is a non-custodial lending market built by More Labs. Blockaid said an attacker combined an Ankr bonded liquid staking token with More Markets' Efficient Mode setting to drain the mFlowWFLOW reserve. Blockaid published the exploit transaction and the contract deployment. Blockaid also published 11 follow-up transfers. Blockaid identified the attacker address, a helper wallet, and the affected pool. FLOW fell about 8% over 24 hours to trade near $0.026. Value locked in More Markets fell to roughly $3.6 million. The broader market downturn lowered total market capitalization by roughly 3%. Cronos halted its blockchain on August 30 after identifying an exploit at Tectonic. Tectonic is Cronos' largest lending market. Moonwell lost an estimated $8.7 million last week. DefiLlama recorded 37 hacks in August totaling roughly $140 million. Lending protocols accounted for most of that figure.