Celo-based lending protocol Moola Market announced that its Proposal 10 has been passed by the community to resume the protocol's solvency. Deposit and repay functions are live now.
On October 19th, Moola Market stopped operation after it was hacked for around $8.4m. The Moola team then contacted and negotiated with the attacker, who later returned 93.1% of the funds to an admin multisig used by Moola.
Moola announced the borrowers are given a grace period to repay their debt or top-up collateral to avoid liquidation. $MOO and $cREAL have been removed as collateral assets. Borrowers using $MOO or $cREAL as collateral must repay their debt before the grace period ends. In addition, $MOO's reserve has been frozen, and users can't deposit or borrow $MOO, but will be able to withdraw $MOO when the grace period ends.
The grace period will last until November 2nd at 11:30pm UTC, after which borrows, withdrawals, and liquidations will be anticipated to be unpaused.
DeFi
Lending
Security Incidents
Celo
