What happened
On 27 August 2026, an actor manipulated Moonwell’s MAMO market on Base by combining collateral accounting inflation with a manipulated MAMO oracle price. Moonwell’s post-mortem distinguishes initial capital, gross borrowing, proceeds, and remaining debt rather than treating them as one loss figure.
Direct underlying transfers could increase mMAMO’s exchange rate outside the mint-path supply cap, while the market accepted a rapidly elevated MAMO price for collateral valuation.
Case & protocol details
How it happened
The principal account supplied MAMO, then transferred additional MAMO directly to the mMAMO contract without minting receipt tokens. That raised the exchange rate for existing mMAMO shares. Purchases in thin liquidity raised the MAMO/USD price used by the market, enabling additional borrowing before liquidations began.
Security review history
- Halborn Report
Evidence & learning
Attack pattern
Compare incidents →Sources and on-chain records
Build your security review skills
Work through hands-on labs covering real exploit mechanics, review techniques, and defensive patterns.