Defi

Decentralized lending platform Moonwell has halted borrowing on the Base network following an attack that resulted in approximately $8.7 million in damages. An attacker exploited the low liquidity of the MAMO token to inflate collateral values and withdraw high-value assets.

Balance Coin lost almost all of its value after an attacker exploited two loopholes in the protocol. The event highlights the risks in the DeFi world and the challenges accompanying algorithmic stablecoins.