Overview
- An unknown actor bought about 40 million MFAM for roughly $1,800 and pushed proposal MIP-R39 through quorum within minutes on Moonwell’s Moonriver lending protocol.
- The measure would shift control of seven markets, the comptroller, and the price oracle to the attacker’s contract, putting about $1.08 million at risk.
- Voting is still open and has reached quorum, most votes cast now oppose the plan, and a Break Glass Guardian multisig can step in to stop execution.
- The ploy relied on a cheap, open-market token buy and a lack of circuit breakers, which left thin voter turnout easy to overwhelm without flash loans.
- The episode follows a February cbETH oracle error that left about $1.78 million in bad debt, raising fresh doubts about Moonwell’s defenses.