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Moola Markets exploit: It’s an October turned ‘Hacktober’ for the crypto market

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In a surprising turn of events, the perpetrator behind the Moola Market exploit returned more than 93% of the stolen funds. The funds were returned just hours after the attack took place on the Celo blockchain-based platform. Exploring the exploit On 18 October, at 4 pm UTC, an attacker started manipulating with MOO, Moola Market’s native […]

more CELO coins. This was then followed by a swap for MOO tokens, causing a further price hike. This cycle was repeated several times, which took MOO from $0.018 to $0.65.

Finally, with this hoard of inflated MOO tokens, the attacker borrowed 8.82 million CELO, 1.85 million MOO, 765,000 cEUR, and 644,000 cUSD. When the dust settled, Moola Market had been exploited to the tune of almost $9.1 million.The Moola Market team was quick to react to the exploit. Within minutes of taking cognizance of the attack, all activities on the platform were paused and law enforcement was roped in.

To the exploiter, we have contacted law enforcement and taken steps to make it difficult to liquidate the funds. We are willing to negotiate a…The attacker reached out within ten minutes of Moola Market’s tweet, and the team negotiated the return of over 93% of the exploited funds. This put the amount of the somewhere in the vicinity of half a million dollars.

The crypto community pointed out that the Moola Market exploit bore an uncanny resemblance to the one thatThis month has been dubbed Hacktober, thanks to a series of exploits that have caused a collective loss of over a billion dollars.Subscribe to get it daily in your inbox.

 

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