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Following
ETH PeckShield estimates that Moonwell lost approximately US$8.7 million after attackers manipulated the pricing of MAMO collateral.
Moonwell reduced the borrowing limit in Base's core market to 1 wei, effectively halting new loan issuance.
Previously, the pricing failure of wrsETH and cbETH resulted in bad debts of US$3.7 million and US$1.78 million respectively.
According to PeckShield, on August 27, the Moonwell exploit caused a loss of approximately $8.7 million in the lending market on Base. Security researchers linked the attack to the inflated prices of MAMO collateral.
Moonwell responded by restricting new borrowing in its Base core market. The attacker used overvalued tokens as collateral to lend cbBTC, USDC, wstETH and ETH, and then consolidated the proceeds into the Ethereum main network.
Moonwell exploit: The price of MAMO collateral on Base was manipulated
Blockaid's preliminary assessment of the Moonwell exploit showed that 50.6 cbBTC items, worth more than $4 million, were transferred from the agreement. This early estimate did not cover all affected lending markets.
MAMO trades in relatively illiquid markets, and concentrated buying behavior can drive prices up significantly. Researchers said the attackers inflated the offer before using the token as collateral.
Oracle provides external price data for loan agreements and is used to value collateral. Moonwell's oracle accepted a higher price, increasing the amount the account could borrow. The apparent valuation of collateral exceeds the liquidity that can support its value.
Preliminary reports described the incident as price manipulation rather than an identifiable vulnerability in core smart contracts. PeckShield traced the stolen money to be converted to DAI and stored in an Ethereum address that starts with 0xD71d.
Borrowing limits follow a previous oracle failure
Following the Moonwell exploit incident, the team lowered the borrowing limit for Base's core markets to 1 wei. This effectively stopped new lending, while investigators assessed the affected MAMO markets.
The supply caps of MAMO and governance token WELL have also been reduced to 1 wei. Moonwell said other supply caps would remain unchanged and promised to provide further updates.
The US$8.7 million reported is a preliminary loss estimate and is not a final uncollectible debt figure. Any recovered funds and the value of remaining collateral will affect the final gap in the agreement.
This Moonwell exploit was preceded by two recorded pricing incidents. In November 2025, wrsETH oracle failure resulted in approximately US$3.7 million in bad debts; in February 2026, cbETH pricing configuration errors added another US$1.78 million in bad debts.
In addition, the Term Finance Treasury lost approximately $8.5 million in a governance attack on August 23. Term Labs subsequently shut down Meta Vaults 'new deposit feature and revoked its DAO governance role. As of press time, MAMO prices fell 11.01% to $0.00929 in 24 hours.
