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FollowingMoonwell announced remaining borrower debt of US$9.131 million
According to Moonwell's post-mortem analysis report released on August 28, the remaining borrower debt of the MAMO market event on the Base Chain was approximately US$9.131 million. The agreement stated that the liquidation process would start 32 seconds after the last successful borrowing occurred. The attack the day before resulted in total borrowing of approximately $11.03 million.
Summary of MAMO Market Events
Following the MAMO Market Event on the Base Chain, Moonwell estimated that the remaining borrower debt after the liquidation was initiated was approximately US$9.131 million. CertiK and PeckShield each estimated the damage at approximately $8.7 million. Moonwell's data records residual debt after the liquidation was initiated and does not claim to be a direct substitute for external valuations.
Manipulation of MAMO's accounts and oracle prices led to 18 borrowings
Post-mortem analysis by the Moonwell Governance Forum stated that the attackers manipulated MAMO's collateral accounts and oracle prices on August 27. The report records 18 borrowings involving cbBTC, WETH, USDC and wstETH, with Moonwell estimating the total value at approximately US$11.03 million. Previous reports citing CertiK and PeckShield said the attack involved price manipulation of a less liquid mortgage token.
Official charts show the price surge and collapse of MAMO/USD on Aerodrome during the attack. Source: Moonwell Governance Forum
USDC Cross-Chain Transfer and Moonwell Limit
Moonwell's post-mortem analysis pointed out that approximately 8,729,454 USDC were destroyed on the Base chain through Circle CCTP and approximately 8,728,319 USDC were received on Ethereum, which were subsequently converted to DAI. Moonwell also lowered its borrowing limits in Base's core markets and its supply caps in MAMO and WELL to 1 wei. According to Coin360, these restrictions effectively prevent further borrowing or supply through the affected parameters.
