link.png

ID:

moola-market-1222

Date:

Status:

Incident Count:

October 18, 2022

Verified

1

info.png
target.png
REKT

Contributor:

chain.png

web3rekt.com

KYC By:

KYC:

None

info.png

Audit By:

Audits:

None

Loss Amount:

8,400,000

info.png

Recovered:

7,700,000

Rewards:

Ticker:

USD, CELO,cEUR,MOO, CUSD

info.png

Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Celo

Protocol

Yield

Flash Loans

Extended Method:

Price arbitrage

info.png

Days in Operation:

749

(2.05 Years)

chain.png
chain.png
chain.png
chain.png
datasource.png

Moola is a non-custodial liquidity protocol built on the Celo blockchain that is democratizing access to yield and credit. Depositors earn yield which is paid for by borrowers who are able to take over-collateralized loans in perpetuity or under-collateralized flash loans.

Moola Market reported an exploit resulting in a loss of $8.4M.

- 8.8M CELO ($6.5M)
- 765k cEUR ($0.7M)
- 1.8M MOO ($0.6M)
- 644k cUSD ($0.6M)

According to Igor Igamberdiev, the process was:

- The exploiter was funded with 243k CELO from Binance
- The attacker lent 60k CELO to Moola and borrowed 1.8M MOO to use them as collateral
- They started pumping the MOO price with the remaining CELO, and to use it as collateral and borrow all other tokens
- Drain the liquidity of the protocol.

However, the exploiter has returned most of the funds - 93.1% - shortly keeping only $700K in CELO as a bounty.

info.png

DISCLAIMER: While web3rekt has used the best efforts in aggregating and maintaining this database, this web site makes no representations or warranties with respect to the accuracy or completeness of its information and data herein, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall web3rekt be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the data and information derived from this database.