5h ago

Moonwell on Base hit by exploit with $9MILLION stolen; attacker borrows unbacked cbBTC, USDC, wstETH and ETH

AI Market Summary

Moonwell on Base is reportedly being exploited, with roughly $9M stolen after an attacker manipulated MAMO as collateral to borrow unbacked cbBTC, USDC, wstETH and ETH. The incident is negative for DeFi risk appetite on Base and can trigger rapid deleveraging, liquidity withdrawals, and wider collateral/counterparty repricing. WELL's sharp rally appears idiosyncratic amid elevated exploit-driven volatility.

Impact level

● High

Affected assets

BTC/USDT+3.55%

AI Insight · BTC/USDTAI Insight

▼ Bearish

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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.

Decentralized lending protocol Moonwell on Base has been hit by an exploit, with about $9MILLION stolen. The attacker manipulated MAMO tokens as collateral to borrow unbacked cbBTC, USDC, wstETH and ETH. Despite the incident, Moonwell’s native token WELL rose 25% over the past hour.

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