Moonwell Protocol Loses Over $1M in Oracle Price Feed Exploit on Base and Optimism

• BlockSec Phalcon detects suspicious transactions targeting Moonwell contracts.
• Exploit stems from an incorrectly updated price feed from an off-chain oracle system.
• MEV bot possibly exploited an oracle issue, resulting in losses exceeding $1 million.

On-chain threat detection platform BlockSec Phalcon has identified a series of suspicious transactions targeting Moonwell’s smart contracts. The platform issued an alert regarding the activity on Base and Optimism networks that resulted in losses exceeding $1 million.

BlockSec’s analysis points to an issue with the token price feed for rsETH/ETH from the off-chain oracle. The exploit appears to have been carried out, possibly by a MEV bot that took advantage of incorrectly updated price data used by the protocol.

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