Moonwell Probes MAMO Market Issue After Multimillion‑Dollar Exploit Alert
TL;DR
- Moonwell is investigating an issue in the MAMO Core Market on Base. New borrowing was suspended as a precautionary measure.
- Security firms CertiK and PeckShield estimate losses at approximately $8.7 million following manipulation of the MAMO token price.
- The attacker used the inflated MAMO collateral price to borrow real cbBTC from the mCBTC market and consolidated the funds into DAI.
The decentralized lending protocol Moonwell is investigating an incident affecting the MAMO Core Market on the Base network, after blockchain security firms CertiK and PeckShield flagged a multimillion-dollar exploit.
As an immediate measure, the protocol set borrowing limits for all Core Markets on Base to 1 wei, effectively blocking any new borrowing. Supply limits for MAMO and WELL were also adjusted to the same minimum value, while the remaining supply limits remain unchanged.
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…
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