More Markets lending reserve drained for $9.3M: Blockaid
Covered by 4 sources · 4 articles
A DeFi lending protocol called More Markets suffered a drain of approximately $9.3 million in WFLOW tokens from its lending reserve, according to security firm Blockaid. The attacker exploited a combination of an Ankr liquid staking token and E-mode functionality to overborrow from the protocol, executing what appears to be a sophisticated multi-step attack.
The incident underscores recurring vulnerabilities in decentralized finance platforms, particularly around collateral mechanisms and borrowing limits. Security researchers stress that DeFi protocols need stronger safeguards against coordinated attack vectors that chain together legitimate protocol features to extract value.
- Attacker leveraged Ankr liquid staking token plus E-mode settings to overborrow and drain the reserve
- The $9.3M loss highlights how interconnected DeFi features can create exploitable gaps when combined
- Enhanced security auditing and risk controls remain critical for lending protocol safety
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More Markets' Lending Reserve Drained of $9.3 Million in Wrapped Flow (WFLOW)
Attackers drained 15.5M WFLOW, worth about $9.3M, from More Markets on Flow EVM via an Ankr LST and E-mode. Blockaid traced the exploit onchain; review…
More Markets Lending Reserve Drained of $9.3 Million on Flow EVM, Blockaid Says
DeFi protocol More Markets had about $9.3 million of digital assets drained from a lending reserve on Flow EVM, according to blockchain security firm Blockaid, which linked the incident to the use of a liquid staking token and an efficiency…
More Markets loses $9.3M in lending reserve exploit, Blockaid reports
The exploit highlights vulnerabilities in DeFi protocols, emphasizing the need for enhanced security measures to protect against sophisticated attacks. The post More Markets loses $9.3M in lending reserve exploit, Blockaid reports appeared…
More Markets lending reserve drained for $9.3M: Blockaid
Blockaid said an attacker used an Ankr liquid staking token and E-mode to overborrow from More Markets and drain about $9.3 million in WFLOW from a lending reserve.