As cybercrime continues to be an important subject in the decentralized finance (DeFi) sector, the latest incident sees Moola Market being exploited for over $8.4 million. In a surprising turn of events, the majority of these funds were later returned. “First off, we’re buoyed by the fact that the majority of funds were recovered. This is good news for all users and means that the impact will be limited,” Moola Market tweeted following the attack on the protocol. “Following today’s incident, 93.1% of funds have been returned to the Moola governance multi-sig. We have continued to pause all activity on Moola and will follow up with the community about the next steps, and to safely restart operations of the Moola protocol,” according to the protocol. Igor Igamberdiev, Research Director at The Block, tweeted that, under the “incredibly simple attack”, the “exploiter was funded with 243k CELO” from major exchange Binance, which allowed them to access some $8.4 million worth of crypto. “The attacker lent 60k CELO to Moola and borrowed 1.8M MOO to use them as collateral” after which they “started pumping the MOO price with the remaining CELO, and to use it as collateral and borrow all other tokens,” he said.
Full story : Hacker Steals $8.4 Million from Moola Market DeFi Protocol.
