Moola Market Loses $8.4 Million in an ‘Incredibly Simple Attack’
CoinEdition
Published Oct 20, 2022 06:08AM ET
Updated Oct 20, 2022 06:30AM ET
Moola Market Loses $8.4 Million in an ‘Incredibly Simple Attack’
- Moola Market suffered a cyber-attack exploiting over $8.4 million.
- The DeFi platform managed to retrieve 93.1% of the exploited funds.
- A tech lead at Arbitrum saved BitBTC nearly $200 billion from a potential exploit.
DeFi lending and borrowing platform Moola Market suffered a cyber-attack and was exploited for $8.4 million. The hackers manipulated the price of the native token MOO on Ubeswap on October 18, at around 4:04 pm UTC.
The DeFi platform informed its users of the breach on its Twitter handle.
As of now, the trading activities on Moola remain suspended and the team is trying to restore functionality to the Moola protocol and ensure that updated measures are in place to prevent the incident from repeating.
On the other hand, Lee Bousfield, a tech lead at Arbitrum, helped prevent the latest such near-miss by publicly pointing out a vulnerability in BitBTC’s Optimism bridge, following an entire year of “successful” robberies. Bousfield saved BitBTC nearly $200 billion, which could have been lost in the exploit.
The techie added that the Optimism layer-2 blockchain bridge facilitates withdrawals of any token from a corresponding layer-1 wallet. Whereas, the BitBTC code does not acknowledge what the layer-2 token is — and mints an arbitrary layer-1 to match.
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