Lending protocol Moola Market is the latest to fall victim to a “highly profitable trading strategy”, and the first CELO protocol on the rekt.news leaderboard (#63).
Similarly to last week’s Mango Markets case, the exploit was carried out via price manipulation of a collateral asset, this time netting the attacker $8.4M.
The Moola team announced the incident on Twitter, appealing to the CEX-funded attacker to return funds in exchange for a bounty.
Fortunately, just six hours later, over 90% of the funds were returned to the Moola multisig, with the exploiter keeping ~$525k as a bounty, of which $37k was donated to charity…
A guilty conscience or a planned whitehat?