Moonwell attacker inflates MAMO price, borrows $10M in assets and nets about $6M

An attacker is estimated to have artificially inflated the price of MAMO on DeFi lending protocol Moonwell and then used it as collateral to borrow about $10 million in assets, according to CJ_Blockchain on X. CJ_Blockchain said the attacker bought about $7 million worth of MAMO to drive up its price, deposited it on Moonwell as collateral, and borrowed cbBTC, USDC, WETH and wstETH. The attacker then sold the remaining MAMO for about $3.2 million, taking an estimated $3.8 million loss on the MAMO trades themselves, but is estimated to have extracted about $6 million overall when the borrowed assets are included.