Hacker Attack Again: DeFi Stole 8.8 Million From Popular Altcoin!

Celo (CEL) altcoin Network-based decentralized finance lending protocol Moola Market has ceased operations after a $8.4 million attack.

According to an analysis by Igor Igamberdiev, the attacker used 243,000 CELO tokens from Binance and in return lent 60,000 CELO to Moola to borrow 1.8 million MOO to use as collateral.

With the remaining CELO, the attacker pumped the price of the MOO and continued to use the borrowed MOO as collateral to borrow tokens in a number of other DeFi lending protocols.

8.8 Million CELO Altcoins Stolen From Moola Market

The attacker received 8.8 million CELO ($6.5 million), 765,000 cEUR ($700,000), 1.8 million MOO ($600,000) and 644,000 cUSD ($600,000) for their efforts.

Igor Igamberdiev gave the details of the attack on Twitter:

“Today MoolaMarket was hacked for $8.4 million, the stolen amounts are:

– 8.8 million CELO ($6.5 million)

– 765 thousand cEUR ($0.7 million)

– 1.8 million MOO ($0.6 million)

– 644k cUSD ($0.6 million)

It was an incredibly simple attack.”

Moola Market said its team is actively investigating the incident and all activity on the platform has been paused. By the way, mToken to users by Moola cryptocurrency They were advised not to trade.

Moola Market said in its message to the attacker:

“We appeal to the perpetrators, contacted law enforcement, and took steps to make it harder to cash out the funds. We are ready to negotiate a reward payment in exchange for returning the funds within the next 24 hours.”

*Not investment advice.