Moonwell investigates $8.7 million exploit on Base

Moonwell is investigating an issue affecting the MAMO Core Market on Base after CertiK and PeckShield flagged an estimated $8.7 million exploit. PeckShield estimated that the exploit drained approximately $8.7 million. PeckShield said the attacker consolidated the stolen funds in DAI at one address. CertiK also estimated losses of $8.7 million. CertiK said the attacker manipulated the collateral price of the relatively illiquid MAMO token. The attacker then borrowed real cbBTC from the mCBTC market. Blockaid separately identified the same apparent attack mechanism. Moonwell set borrowing caps for all Core Markets on Base to 1 wei. The change prevents new borrowing and limits potential further impact. Moonwell also set MAMO and WELL supply caps to 1 wei. Moonwell left all other supply caps unchanged. CoinGecko data shows that WELL fell about 13% over the past 24 hours. DEX Screener data shows that MAMO fell about 9% over the same period. Moonwell said it will provide further updates when more information becomes available. Multiple protocols have been hacked for more than $600 million since April. The period includes the $292 million exploit of Kelp DAO.