Moonwell Suffers $8.7 Million Hack

cryptonews.ruОпубліковано о 2026-08-27Востаннє оновлено о 2026-08-27

Анотація

Moonwell, a DeFi protocol on Base (L2), suffered an exploit estimated at approximately $8.7 million. The attacker manipulated the collateral price of the relatively illiquid MAMO token to borrow significant amounts of cbBTC, USDC, wstETH, and ETH, leaving the protocol with bad debt. Security firm CertiK first reported the exploit, noting the attacker aggregated the funds. Initial on-chain estimates varied, with figures ranging from over $4 million to around $9 million. The Moonwell team confirmed the incident was related to the core MAMO market. As a precaution, they set the borrow caps for all core markets on Base to 1 wei to prevent new borrowing and also imposed supply caps for MAMO and WELL tokens. Following the attack, the MAMO token initially saw a price increase, likely due to artificial trading volume, before correcting without a major crash. The protocol's native WELL token corrected by roughly 13%. The incident follows another recent hack on Maya Protocol on August 19th, which resulted in approximately $1.7 million in damages.

An unknown actor exploited a vulnerability in the Moonwell protocol on the Base L2 network and stole assets worth approximately $8.7 million. The incident was noted by researchers from CertiK.

#CertiKInsight 🚨

We have seen an exploit of @MoonwellDeFi lending market on Base.

Attacker manipulated relatively illiquid MAMO’s collateral price, then borrowed real cbBTC
eg. https://t.co/yOBrkzXzfn

~$8.7M has now been aggregated athttps://t.co/7nIcZ59jpw

Stay Vigilant!
— CertiK Alert (@CertiKAlert) August 27, 2026

The attacker presumably manipulated the low-liquidity collateral of the MAMO token and borrowed cbBTC, USDC, wstETH, and ETH against it. As a result, the protocol was left with an undercollateralized debt.

Coinminutes emphasized that loss estimates vary and are likely to continue increasing.

Early on-chain estimates pointed to losses of around 50.6 cbBTC, or over $4 million. Analysts from ExVul estimated the damage at approximately 71.36 cbBTC (about $5.7 million), CertiK at $8.7 million, and a number of other observers at around $9 million.

Moonwell representatives confirmed the incident, linking it to the main MAMO market. Developers limited lending on the Base network to 1 wei to prevent increasing the platform's debt.

We are aware of an issue affecting the MAMO Core Market on Base and are actively investigating.

As a precaution, borrow caps for all Core Markets on Base have been set to 1 wei, preventing new borrowing and limiting the potential for further impact. The supply caps for MAMO and...
— Moonwell (@MoonwellDeFi) August 27, 2026

Additionally, supply caps were introduced for MAMO and WELL tokens.

In the first hours after the attack, MAMO showed a price increase, likely due to artificially inflated trading volume. Subsequently, the price declined, but no significant crash occurred.

The native WELL token corrected by 13% to $0.0032.

Recall that on August 19, developers of the Maya Protocol project halted the network following a hacker attack that caused about $1.7 million in damage.

Humans Are a Bug

end-content

Пов'язані питання

QWhat is the reported cause of the Moonwell exploit on the Base network?

AThe exploit was caused by an attacker manipulating the relatively illiquid collateral price of the MAMO token, allowing them to borrow assets against it.

QWhat is the approximate financial loss estimated by CertiK from the Moonwell hack?

ACertiK estimated the financial loss from the exploit to be approximately $8.7 million.

QWhat immediate action did the Moonwell developers take in response to the exploit?

AMoonwell developers set the borrow caps for all Core Markets on Base to 1 wei to prevent new borrowing and limit further impact. They also implemented supply caps for the MAMO and WELL tokens.

QHow did the native WELL token price react shortly after the exploit was reported?

AThe native WELL token corrected downwards by approximately 13% to $0.0032 following the report of the exploit.

QBesides cbBTC, what other assets did the attacker reportedly borrow in the exploit?

AIn addition to cbBTC, the attacker borrowed USDC, wstETH, and ETH by manipulating the MAMO collateral.

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