Celo-based lending and borrowing protocol Moola Market saw over $10 million worth of tokens stolen, and later returned, this morning after a market manipulation attack.in the last few weeks, with the attackers manipulating the prices of Moola’s native MOO tokens to borrow collateral against their positions – effectively draining the protocol.the attack started during late Asian hours on Tuesday.
The attacker borrowed a large amount of cUSD and cEUR, two Celo-based stablecoins pegged to U.S. dollar and euro respectively, and CELO from the protocol using MOO as collateral, effectively draining the protocol of its funds. Trading on the platform was stopped at that time. Developers said they contacted law enforcement shortly after discovering the issue. A while later, an individual identifying as the attacker reached out to the team confirming their involvement. This individual held the private key – a cryptographic value akin to a password for a certain block on the blockchain – to the stolen funds.
Moola said it was then able to negotiate with the attacker. At the time of writing, Moola recovered over 93% of the stolen funds some 12 hours after the incident.has been floated by the community to prevent further similar attacks. The protocol seeks to lower the liquidation levels that govern MOO's use as collateral on the platform – effectively “removing it as a viable collateral asset.”
Moolamarket shauryamalwa Bitshares credit offer mechanism is not vulnerable to such attacks afaik. Use it instead.
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Moolamarket shauryamalwa It's a big loss
Moolamarket shauryamalwa why is no one share this