Moonwell’s latest $9M attack marks four incidents in a year

An attacker has drained almost $9 million worth of deposits from DeFi lending platform Moonwell, on the Base network.

Blockchain security firm Blockaid flagged the attack approximately an hour after it began.

Moonwell later acknowledged the incident, informing users that all borrow caps and MAMO and WELL supply caps had been cut to one wei, “preventing new borrowing and limiting the potential for further impact.”

Read more: DeFi, meet Claude: Moonwell’s ‘vibe-coded’ oracle in $1.8M blowup

The simple price manipulation attack hinged on inflating the price of MAMO, a relatively illiquid token used for collateral on Moonwell, and borrowing against it.

The attacker reportedly spent $7 million on pumping MAMO’s price, selling it after the attack for an estimated loss of $3.8 million.

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