Hackers returned 93.1% of stolen funds after an $8.4 million exploit on Celo-based lending protocol Moola Market on Tuesday.

The attack exfiltrated 8.8 million CELO tokens, 1.8 million MOO tokens, 765,000 cEUR and 644,000 cUSD. The returned funds totaled $7.8 million, the sum of the heists that saw the protocol suspend its activities.

After today’s incident, 93.1% of the funds have been returned to Moola Governance Multisig. We continue to suspend all activity at Moola and follow up with the community on next steps to safely resume operations of the Moola Protocol.‘, the Moolah Market team tweeted hours after the incident.

Hackers keep ‘negotiated’ bounty

According to Moola Market updates released today, the attackers are keeping some of their loot as a bounty worth just over $500,000.

Moola Market has promised a detailed update on the incident and shared plans on how to safely resume operations. In the meantime, the team believes collecting most of the funds will be a good start for the community. In particular, this means minimal impact on users.

The exploit on Moola began around 4:04 PM (UTC) on October 18, 2022, when the attackers first started their malicious scheme by manipulating the price of the native token MOO on the Moola Market. bottom.

This happened on the decentralized exchange platform Ubeswap. The hacker borrowed a large amount of his cUSD, cEUR, and his CELO tokens using the MOO as collateral, successfully exfiltrating the protocol.

The attack is the latest in a series of attacks that are expected to have October as the worst month of 2022, having stolen more than $718 million by last week. According to a recent Chainalysis report, in 2022 he has already lost over $3 billion to hackers, most of it from his DeFi platform.


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