The assailant fled with Moola’s MOO token and other Celo-related tokens.
Moola Market Exploited for $8.4 Million

According to researcher Igor Igamberdiev, the Moola Market has been abused for $8.4 million.

The attacker used MOO and CELO tokens to influence pricing for financial gain.

Moola Market has acknowledged the event and is offering a reward for the restoration of monies.

According to different reports, the DeFi loan portal Moola Market was abused for $8.4 million.

Moola suffers a $8.4 million loss.

Another DeFi protocol has been abused for millions of dollars.

This time, the victim protocol is Moola Market, a non-custodial liquidity protocol on Celo.
] Moola, like other DeFi protocols, allows users to earn compound interest on deposits as well as make over-collateralized loans, delegated loans, and flash loans.

Igor Igamberdiev, a researcher for The Block, released the news of Moola’s hack this afternoon in a Twitter thread, quickly deconstructing the $8.4 million attack on the site.

The exploiter got 243,000 CELO from Binance in order to target Moola Market. They then loaned Moola 60,000 CELO and borrowed 1.8 million of Moola’s native MOO tokens. Finally, the attacker began pumping the price of MOO by borrowing other tokens using the leftover CELO.

The hacker walked away with 1.8 million MOO tokens ($655,000). They also received 8.8 million CELO ($6.5 million), 765,000 cEUR, and other Celo-related tokens and stablecoins.
Moola Market has responded to the attack. The project announced on Twitter that it is “actively investigating [the] event” and has halted all activities on its site. It also urged users not to trade Moola’s interest-bearing tokens, mTokens.

Moola further stated that it has “contacted law enforcement and taken efforts to make the monies harder to liquidate.” It also promised the attacker a reward if the monies were recovered within 24 hours.

The event occurred immediately after an attack on the BitKeep wallet in which $1 million was taken using BNB Chain.

A $2.3 million attack on TempleDAO, a $100 million attack on Mango Markets, and a projected $536 million attack on BNB are among the other major strikes this month.
Because to the large number of recent assaults, some observers have dubbed October 2022 “Hacktober.”

According to the crypto analytics firm Chainalysis, around $718 million has been stolen this month over 11 distinct hacks, not including today’s occurrences.

Natasha Dean

With an eye for detail and understanding of this exciting industry. My experience has given me an understanding of crypto trends and how to effectively break them down. I have a soft spot for NFTs and the Metaverse.