Moonwell hit by Governance Attack, Attacker Aims to Seize $1M+ Funds with $1800

BlockBeats News, March 26th, according to The Block, DeFi lending protocol Moonwell is facing a governance attack. An attacker spent approximately $1800 to buy around 40 million MFAM tokens, completed the purchase, submitted a proposal, and voted in around 11 minutes, attempting to transfer the admin permissions of 7 lending markets, the controller, and oracle core contracts to their controlled contract to withdraw around $1.08 million of user funds.

The proposal's voting will continue until March 27th, having reached the required number of affirmative votes early on, followed by a surge of dissenting votes. However, the final outcome will depend on the remaining votes and coordination. Moonwell can also veto the proposal and regain control using the emergency multisig "Break Glass Guardian."