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FollowingKey Points
Protocol Emergency Measures and Recurrent Security Vulnerability
A malicious attacker stole real cbBTC assets from the Moonwell lending platform by artificially raising the price of MAMO tokens.
Blockchain security agencies CertiK and PeckShield both independently confirmed that the attack caused approximately US$8.7 million in damage.
Hackers convert all stolen assets into DAI stablecoins and transfer them to a single wallet address.
The parties immediately lowered the borrowing limit for all Base core markets to 1 wei to prevent further losses.
After the incident, the price of the WELL token fell by 13%, and the MAMO token fell by 9%.
On August 27, decentralized financial platform Moonwell suffered a carefully planned attack that cost its MAMO core market, which runs on the Base blockchain, approximately US$8.7 million.
Several blockchain security agencies, including CertiK, PeckShield and Blockaid, independently confirmed the attack modus operandi. The attackers artificially inflated the price of MAMO tokens with limited liquidity to create overvalued mortgage positions.
Using this artificially inflated collateral, hackers extracted the real cbBTC from Moonwell's mCBTC loan pool. Preliminary analysis by Blockaid showed that 50.6 cbBTC (worth more than $4 million) were extracted, but a subsequent investigation by PeckShield put the final loss at approximately $8.7 million.
All stolen assets are then converted into DAI stablecoins and transferred to a single cryptocurrency address.
Emergency measures for the agreement
The Moonwell team took quick action to control the situation. They implemented a 1 wei emergency borrowing cap on all Base Network's core markets, effectively freezing all new loans.
In addition, the supply limits of MAMO and WELL tokens have also been reduced to 1 wei respectively. Other digital assets on the platform maintain original supply restrictions.
The protocol team said they will share more details as forensic analysis deepens. As of now, a complete incident report has not been released, and the possibility of fund recovery remains uncertain.
Even before this security incident, MAMO's market valuation had shown significant fluctuations. After the token went online on Coinbase in August 2025, its price reached a high of $0.227 and subsequently experienced a decline of nearly 20%.
After the attack, Moonwell's native token WELL depreciated by approximately 13% within 24 hours. During the same period, MAMO also fell by about 9%.
Recurrent security breaches
This incident is another in Moonwell's troubling security record in 2026. Back in February, a malfunctioning price oracle mistakenly valued Coinbase packaged ETH at about $1.12, while the actual transaction price was close to $2200, resulting in approximately $1.78 million in unsecured debt.
The problem oracle allegedly used a program developed based on Anthropic's Claude Opus 4.6 artificial intelligence model, and a wrong scaling parameter triggered the valuation failure.
Then in March, a malicious actor invested approximately $1800 in MFAM tokens to reach a voting quorum and promoted a harmful governance initiative on Moonwell's Moonriver implementation. The motion threatened seven loan pools with a total value of approximately $1.08 million, but emergency multi-signature controls prevented its execution.
The latest attack on August 27 occurred amid a continuous wave of DeFi security vulnerabilities. As of April 18 alone, cryptocurrency platforms have suffered at least 12 independent incidents, with a total loss of more than US$606 million.
One of the largest attacks was the Kelp DAO incident, which resulted in $292 million in damage and was attributed to North Korea's state-backed organization, the Lazarus Group. The Binance Research Institute subsequently analyzed and pointed out that a security breach in April triggered the withdrawal of approximately US$13 billion in total lock-up value in the blockchain agreement.
Moonwell has confirmed that its forensic investigation into MAMO's core market vulnerabilities is still ongoing.
