Moola Market, Celo’s network-based DeFi lending protocol, had to halt operations after more than $8.4 million in damages.
fromanalysisBy Igor Igamberdiev of The Block Research, the attacker used 243,000 CELO tokens sourced from Binance and in return lent 60,000 CELO to Moola to borrow 1.8 million MOO as collateral. For the rest, attackers pump the price of MOOs and use borrowed MOOs as collateral to borrow tokens via other DeFi lending protocols.
for such an effort The attacker made 8.8 million CELO ($6.5 million), 765,000 cEUR ($700,000), 1.8 million MOO ($600,000) and 644,000 cUSD ($600,000).
Moola Market said its team is actively investigating the incident. and all activities on the platform are paused. In the meantime, Moola advises users to stop trading mToken.
“For the attackers We contacted law enforcement. and taking steps to make it difficult to access funds We are happy to negotiate winning payouts in exchange for refunds within the next 24 hours,” Moola Market said.
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