DeFi lending protocol Moola Market hit by $8.4 million exploit

2022/10/18 23:47

According to The Block, the Celo network-based decentralized finance lending protocol Moola Market paused operations following an $8.4 million exploit. According to an analysis by The Block Research's Igor Igamberdiev, the exploiter used 243,000 CELO tokens and in turn loaned 60,000 CELO to Moola to borrow 1.8 million MOO for use as collateral. With the remaining CELO, the exploiter pumped the price of MOO and proceeded to use the borrowed MOO as collateral to borrow tokens across a series of other DeFi lending protocols. For the efforts, the attacker netted 8.8 million CELO ($6.5 million), 765,000 cEUR ($700,000), 1.8 million MOO ($600,000), and 644,000 cUSD ($600,000). Moola Market said its team is actively investigating the incident and that all activity on the platform has been paused. In the meantime, users are advised by Moola not to trade mTokens.

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