DeFi lending protocol Moola Market was hacked, resulting in a loss of $8.4 million

ChainCatcher news, according to The Block, the DeFi lending protocol Moola Market based on the Celo network was hacked, resulting in a loss of $8.4 million. The Moola team stated that they are actively investigating the incident, and all activities on the platform have been suspended. If the hacker returns the funds within 24 hours, a bounty will be offered.

According to analysis by The Block Research, the attacker exploited 243,000 CELO tokens from Binance, lending 60,000 CELO to Moola and borrowing 1.8 million MOO as collateral. The attacker then used the remaining CELO to inflate the price of MOO and continued to use MOO as collateral to borrow other tokens. The attacker obtained 8.8 million CELO (worth $6.5 million), 765,000 cEUR (worth $700,000), 1.8 million MOO (worth $600,000), and 644,000 cUSD (worth $600,000). (The Block)