Moonwell MAMO Exploit Drains About $8.7M on Base

Moonwell’s post-mortem dated August 28 put the remaining borrower obligations from the MAMO market incident on Base at approximately $9.131 million. The protocol said liquidations began 32 seconds after the final successful borrow, following an exploit a day earlier that enabled roughly $11.03 million in gross borrowing.

Moonwell puts remaining borrower obligations at $9.131 million

Following the MAMO market incident on Base, Moonwell estimated that approximately $9.131 million in borrower obligations remained after liquidations began.

CertiK and PeckShield separately estimated losses at about $8.7 million, according to Coin360. Moonwell’s figure records obligations remaining after liquidations began and was not described as a direct replacement for the external estimates.

Manipulated MAMO accounting and oracle pricing enabled 18 borrows

The Moonwell Governance Forum post-mortem said the attacker manipulated MAMO collateral accounting and its oracle price on August 27. It recorded 18 borrows across cbBTC, WETH, USDC and wstETH, with Moonwell valuing them at approximately $11.03 million in gross terms.

Earlier reporting citing CertiK and PeckShield said the attack involved manipulated prices for a thinly traded collateral token.

Official chart showing the MAMO/USD price spike and collapse on Aerodrome during the exploit. — Source: Moonwell Governance Forum

USDC bridge transfer and Moonwell’s cap restrictions

Moonwell’s post-mortem identified approximately 8,729,454 USDC burned on Base through Circle CCTP and approximately 8,728,319 USDC received on Ethereum, where it was later converted to DAI.

Moonwell also reduced borrow caps in the Base Core Market and supply caps for MAMO and WELL to 1 wei. According to Coin360, those restrictions effectively prevented further borrowing or supply through the affected parameters.

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