James Atkins
Editor
Editor
A cyberpunk stole over eight million dollars from Celo-premised loaning protocol Moola Market on Tuesday. And repaid ninety-three per cent of the funds soon after.
In the attack, over eight million CELO tokens, 765,000 cEUR, 644,000 cUSD, and 1.8 million MOO tokens were all stolen. The protocol has been paused due to the amount that was taken in the attack. However, a total of $7.8 million refunded back to investors thus far.
“Today, over ninety-three per cent of the money was repaid to the Moola group that makes decisions together. We have stopped all activity on Moola for now, and we will inform the community what to do next and how we can restart Moola again safely.” The Moola Market team states in a tweet hours after the incident.
The Moola Market team did not disclose the identity of the hacker but stated that they were able to work with them; to recover the stolen funds.
Moola Market also announced that it will “take all necessary steps to secure Moola and better incentivize security going forward. Including partnering with a formal auditing firm for Moola’s smart contracts.”
According to Moola Market, the person who took the money is keeping some of it as a prize. This is worth just over $500,000.
Moola Market has promised a more thorough update on the situation soon, which will include plans to restart operations safely. In the meantime, the team is pleased that most of the funds have been recovered as this means there won’t be much; impact felt by users.
The attack on Moola occurred at about 4:04 pm UTC on the 18th of October, 2022. The attacker changed the value of Moola Market’s native token, MOO.
It took place on the Ubeswap decentralized exchange platform. Where the cyberpunk took out large loans of cEUR, cUSD, and CELO tokens utilizing MOO as collateral. By doing this, they were able to empty the entire protocol.
So far, October has been 2022’s worst month for cybercrime, with hackers stealing over $718 million last week alone. And according to a Chainalysis report released recently, they’ve stolen more than $3 billion total this year from different DeFi platforms.
This incident serves as a reminder of the importance of security in the decentralized finance (DeFi) space. Where millions of dollars worth of cryptocurrency can be at risk. Moola Market joins a growing list of DeFi protocols that have suffered hacks, including bZx and Harvest Finance.
Despite the hack, Moola Market’s team has shown swift action in resolving the issue and recovering the stolen funds. The hacker returned all of the stolen funds, which Moola Market then redistributed to users who were affected by the attack.
While it’s encouraging to see a resolution, in this case. DeFi users should always exercise caution and ensure they are taking proper security measures to protect their funds.
Moola Market’s actions serve as a reminder of the importance of staying vigilant in the ever-evolving world of cryptocurrency.
Moola Market is a decentralized finance (DeFi) platform built on the Ethereum blockchain, allowing users to borrow and lend cryptocurrency. Moola Market was launched in 2019 and has since gained popularity in the DeFi space, with over $28 million in total value locked.
This recent incident involved a hacker exploiting Moola Market’s protocol to steal $7.8 million worth of cryptocurrency from users’ accounts. Moola Market quickly identified and resolved the issue, with the hacker returning all stolen funds and an additional $150,000 in compensation.
Moola Market has also implemented further security measures to prevent similar attacks in the future. Despite this incident, Moola Market remains one of the top DeFi platforms and continues to see strong growth in user activity.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
