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‘Hacktober’ Continues With DeFi Platform Moola Market Losing $8.4 Million

Following an exploit, Celo network-based Decentralized Finance (DeFi), lending protocol Moola Market was forced to halt operations....
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Following an exploit, Celo network-based Decentralized Finance (DeFi), lending protocol Moola Market was forced to halt operations. The attacker earned 8.8 million CELO ($6.5million), 765,000 EUR ($700,000.000), 1.8 Million MOO ($600,000.000) and 644,000 USD ($600,000.000).

After an $8.4 Million exploit, the Celo network-based decentralized financing lending protocol Moola Market was forced to suspend operations.

An analysis by Igor Igamberdiev of The Block Research shows that the exploiter used 243,000 CELO tokens originating in Binance. He then loaned 60,000 CELO from Moola to obtain 1.8 million MOO as collateral. The exploiter used the CELO remaining to pump the price of MOO, and then borrowed tokens through a number of DeFi lending protocols using the collateral.

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The attacker received 8.8 million CELO ($6.5million), 765,000 EUR ($700,000.000), 1.8 Million MOO ($600,000.000) and 644,000 USD ($600,000.00) for his efforts.

Moola Market stated that its team is currently investigating the incident and that all activity has been halted on the platform. Moola Market advises users not to trade mTokens in the interim.

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“To the exploiter we have contacted law enforcement, and taken steps to make liquidation difficult.” Tweeted Moola Market: “We are open to negotiating a bounty payment in return for the funds being returned within the next 24hrs.”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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