Another Bitcoin Platform Has Been Hacked: These 4 Altcoins Have Been Stolen!

According to the reports of researcher Igor Igamberdiev, another Bitcoin platform has been hacked. Moola Market faced $8.4 million attack. The attacker manipulated prices for financial gain. For this purpose, it especially benefited from MOO and CELO tokens. Here are the details…

Bitcoin platform lost $8.4 million

DeFi lending platform Moola Market has been hacked for $8.4 million, according to various sources. A new one has been added to the DeFi attacks that took place this month. This time the victim is Moola Market, a liquidity protocol on Celo. Like other DeFi protocols, Moola allows users to earn compound interest on deposits. It also allows them to take over-collateralized loans, rollover loans and flash loans.

Researcher Igor Igamberdiev briefly described the $8.4 million attack on the platform in a Twitter thread today. So he gave the news of Moola’s abuse. The attacker received 243,000 CELO from Binance for attacking the Moola Market. He then loaned Moola 60,000 CELOs. It borrowed 1.8 million from MOO, Moola’s native token.

Finally, the attacker used the remaining CELO as collateral to borrow other tokens as well. Thus, the MOO started raising its price. The hacker seized 1.8 million MOO tokens ($655,000). It also received various tokens and stablecoins, including 8.8 million CELO ($6.5 million), 765,000 cEUR ($750,000), and 644,000 cUSD ($639,000).

Moola Market made a statement about the attack

Moola Market commented on the attack. In a Twitter statement, the project said it was “actively investigating the incident.” Apart from that, it has paused all activities on its platform. It also warned users not to trade with mTokens, Moola’s interest-bearing tokens. Moola also stated that he had “contacted law enforcement.” He said the attacker was “taking steps to make it harder for him to liquidate the funds.” It also offered to give the attacker a reward if the funds were returned within 24 hours.

The price of MOO, the altcoin of the Bitcoin platform, fluctuated

Due to the hacker’s use of MOO, the altcoin of the project, MOO, showed some interesting moves. While the cryptocurrency was trading at $ 0.018, it rose to $ 3.59 with the pumping of the hacker. Then, it gradually returned to its former price levels. At the time of writing, it is changing hands at $0.021.

Too many hacks this month

The news of the incident came shortly after the attack on the BitKeep wallet, in which $1 million was stolen via BNB Chain. Also, as we reported on Cryptokoin.com, other notable attacks this month include the $2.3 million attack on TempleDAO and the $100 million attack on Mango Markets. Also, let’s not forget the $536 million attack on the BNB Chain bridge. Numerous recent attacks have caused some commentators to refer to October 2022 as the “Hacktober”. Crypto analytics firm Chainalysis claimed last week that around $718 million was stolen in 11 different attacks this month.