The Moola Market hacker has returned most of the stolen funds following an exploit that took place on Tuesday.
"Following today's incident, 93.1% of the funds have been returned to the Moola governance multi-sig," the team tweeted.
The attacker kept the remaining funds some 700,000 CELO tokens as a negotiated bounty reward that the team had previously offered.The attacker took advantage of the low liquidity of MOO, the native token on Moola's lending protocol on the Celo blockchain.
CELO tokens held in their address on the Celo network. The next step was depositing 60,000 CELO tokens on Moola and borrowing 1.8 million MOO tokens. The attacker then used their remaining CELO tokens to rapidly inflate the price of MOO. The perpetrator moved on to leverage the increased value of their MOO tokens as collateral to borrow other assets in a loop. By using just $182,000 in CELO, they were able to drain 8.8 million CELO , 765,000 cEUR , 1.8 million MOO , and 644,000 cUSD from Moola Market, perWhile the project has recovered most of its funds, the activity on the lending protocol remains paused for the time being. The lending service will be resumed only after community discussions on the next steps, the team noted.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Celo Protocol Moola Market Loses Over $10M in Market Manipulation AttackCelo-based lending and borrowing protocol MoolaMarket saw over $10 million worth of tokens stolen, with 93% of the funs later returned, after a market manipulation attack. By shauryamalwa
Read more »
DeFi lending protocol Moola Market hit by $8.4 million exploitAn $8.4 million exploit hit the Celo network-based decentralized lending protocol Moola Market on Tuesday.
Read more »
Moola Market attacker returns most of $9M looted for $500K bountyOver 93% of a $9 million exploit has returned to the decentralized finance (DeFi) lending protocol Moola Market after the attacker manipulated the price of its native token to borrow cryptocurrencies with undercollateralized backing.
Read more »
DeFi lending protocol Moola Market hit by $8.4 million exploitAn $8.4 million exploit hit the Celo network-based decentralized lending protocol Moola Market on Tuesday.
Read more »