Moonwell Halts Base Borrowing After $8.7M MAMO Exploit

Decentralized lending protocol Moonwell restricted borrowing across all its Core Markets on the Base network on August 27, 2026, following a security incident that exploited the price of the MAMO token. Blockchain security firms estimated the attacker extracted approximately $8.7 million in digital assets through the manipulation. The attack centered on the relatively illiquid MAMO token. According to analyses from security providers CertiK, PeckShield, and Blockaid, the exploit involved three key phases. First, the attacker artificially inflated the price of MAMO, driving its value up roughly eightfold from around $0.0105 to nearly $0.088.