Moonwell Locks Base Borrowing After $8.7M MAMO Attack

Attackers extracted roughly $8.7 million from Moonwell after artificially inflating the price oracle of the low-liquidity MAMO token, then using it as collateral to borrow higher-value assets before converting them to DAI. Automated safeguards protect user funds, and Moonwell has restricted borrowing across all Core Markets on the Base network as it investigates.