Incident Overview
According to The Block, DeFi lending protocol Moonwell is facing a governance attack on its Moonriver deployment, where an unknown attacker spent approximately $1,800 to acquire 40 million MFAM tokens and managed to buy, propose, and pass a initial vote within just 11 minutes. The attacker is seeking to transfer administrative control of seven lending markets, the comptroller, and the oracle to a malicious contract, which would enable the extraction of roughly $1.08 million in user funds. Although the proposal reached a quorum early on, "No" votes have since taken the lead, and while the voting is set to continue until March 27, the final outcome remains dependent on the remaining votes and community coordination.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.