DeFi loan protocol Moola Market paused its operations after the attack.
The Celo-based decentralized loan protocol lost $8.4 million in the aftermath of the attack.
Moola Market Joins Hacked Protocols
According to The Block Research’s analysis, the attacker used 243,000 CELO tokens from Binance and in turn gave 60,000 CELO to the protocol to borrow 1.8 million MOO to be used as collateral. Pumping the price of the MOO with the remaining CELO, the attacker then started using the MOO in his hand as collateral to borrow tokens in different loan protocols.
After these activities, the attacker gained 8.8 million CELO ($6.5 million), 765,000 cEUR ($700,000), 1.8 million MOO ($600,000) and 644,000 cUSD ($600,000).
Moola Market announced that its teams are actively investigating the incident and that all activities in the protocol have been stopped. The platform advised its users not to trade mTokens.
“We contacted law enforcement and took steps to make it harder for him to liquidate his funds. We are ready to negotiate a payment to the hacker in exchange for returning the funds within the next 24 hours.”
