More Markets Hit by Flow EVM Exploit Involving WFLOW; Blockaid Estimates $9.3M Loss

More Markets, a lending protocol built by More Labs on Flow EVM, was exploited in an attack that siphoned WFLOW from its lending reserves. Web3 security firm Blockaid reported that 15.5 million WFLOW left the protocol's reserve, estimating the value at roughly $9.3 million based on market prices. More Markets has not verified the loss figure and said its investigation is ongoing. Blockaid said the attacker abused the protocol's treatment of liquid staking tokens (LSTs) via its EMode feature, which is designed to let users borrow more against assets viewed as tightly correlated in value. The attacker allegedly paired an Ankr bonded LST with EMode to exploit the way More Markets calculated borrowing limits, enabling repeated borrowing against manipulated collateral and withdrawals from the mFlowWFLOW reserve. On-chain data cited by Blockaid shows the attacker began moving funds shortly after the exploit, with some assets sent to external wallets and bridged out of the Flow EVM ecosystem. More Markets said: "Our team is currently investigating a claim that MORE Markets was exploited. We will share our findings shortly." The protocol has not announced a recovery plan or confirmed any recovered amounts. The incident also pressured Flow ecosystem tokens. Wrapped Flow (WFLOW) fell about 9% within an hour, and FLOW slid roughly 8.7% to $0.0262, as traders reacted to the exploit rather than a broader market selloff.