Celo ecosystem lending protocol Moola Market was exploited and has paused operations, losing approximately $8.4 million. It is reported that the exploiter obtained 243,000 CELO from Binance. Next, they lent 60,000 CELO to Moola and borrowed 1.8 million of Moola’s native MOO tokens. Finally, the attacker began to pump the price of MOO, using the remaining CELO as collateral to borrow other tokens.
The hacker gained 1.8 million MOO tokens ($655,000). They also gained various Celo-related tokens and stablecoins including 8.8 million CELO ($6.5 million), 765,000 cEUR ($750,000), and 644,000 cUSD ($639,000). In response, Moola Market said its team is actively investigating the incident, and all activity on the platform has been paused. It also warned users not to trade mTokens, Moola's interest-bearing tokens.
Celo
Lending
DeFi
Security Incidents
