Moonwell halts new lending on Base after suspected MAMO price manipulation

DeFi lending protocol Moonwell said it is investigating an issue in the Base-based MAMO Core market and has cut borrowing caps across all Core markets on Base to one wei to halt new lending and prevent further damage. Moonwell also lowered the supply caps for MAMO and WELL to one wei, while leaving supply caps for other assets unchanged. The move follows an earlier attack that caused about $6 million in losses through suspected MAMO price manipulation.