Some hackers have attacked Moola Market, a DeFi platform based on the Celo blockchain, and have stolen a total of $8.4 million in various tokens.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Igor Igamberdiev, head of research at The Block, has said about it:
"It was an incredibly simple attack."
The hackers have transferred 243,000 CELO tokens from Binance to the protocol. They used the funds to borrow 1.8 million native MOO tokens. By artificially inflating the price of the coin, they have been able to cash out loans on other assets and withdraw them.
The Moola Market team has suspended the platform and launched an investigation. The project has contacted the attackers and informed them the case has been put in the hands of the authorities in order for them to block the settlement of the stolen funds.
After that, the hackers have returned 93.1% of the withdrawn assets.