October 31, 2022
Another Significant Crypto Hack, But Not All Is Lost
The event was being investigated, and Moola Market announced that platform activities had been paused.
Hacken, a web3 security company, looked into an attack and discovered that $9.1 million had been taken from the CELO blockchain network.
According to Hacken, the attackers used CELO tokens to fund the account and then used it to purchase a sizable number of MOO tokens
Low liquidity caused the price of $MOO to start rising, raising the value of the collateral.
The attacker next borrowed $CELO and put up $MOO as security; following that, $CELO was changed back to $MOO, and the cost of $ MOO steadily rose.
The cost of the $Moo token climbed from $0.018 to $0.65 by repeating this cycle. These increased costs led to the taking out of huge loans.
In a tweet, Moola Market stated that it has reached out to law enforcement and is prepared to discuss a reward. Following today's event, 93.1% of the monies have been transferred back to the Moola governance multi-sig., they update.