It has been reported that on Oct. 19, DeFi liquidity protocol Moola tweeted that it was investigating an incident and had paused operations of the platform. Web3 security firm Hacken looked into the exploit revealing that $9.1 million had been stolen from the Celo blockchain-based platform. The attacker funded an account with CELO tokens and used them to buy large amounts of MOO tokens which caused prices to climb due to low liquidity. The attacker borrowed more CELO using MOO collateral, repeating this cycle and pushing up the prices. A huge loan was taken out at these inflated prices.
The full story can be found here: https://beincrypto.com/benevolent-moola-market-defi-hacker-returns-9m-exploited-funds/
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