Attacker returns 93% of $9 M worth of cryptocurrencies exploited from Moola Market


  • An attacker has recently returned a major segment of the $9 million worth of cryptocurrency exploited from the Celo-based DeFi lending protocol Moola Market.
  • Moola Market team revealed that they offered a bug bounty to the exploiter if the stolen funds were returned within 24 hours.
  • The attacker was able to borrow $6.6 million worth of CELO, $1.2 million of MOO, $644,000 Celo Dollars, and $740,000 of Cello Euros.

In a recent revelation, it has come to notice that an attacker who stole $9 million worth of cryptocurrency from the Celo-based DeFi lending protocol, Moola Market, has returned a majority of the stolen amount. 

As revealed, the attacker has just returned 93% of the $9 million worth of cryptocurrencies stolen from Moola Market, the Celo blockchain-based decentralized finance lending protocol. On October 18, around 6:00 pm UTC, the Moola Market team shared a tweet revealing that they were investigating an incident, and as a reason of that, they paused all activities. 

In addition to this, the team revealed that they had contacted authorities and deliberately offered a bug bounty to the exploiter in case the exploiter agreed to return the funds within 24 hours.

As per an analysis carried out by Hacken, a Web3 security company, it was shown that the attacker manipulated the protocol’s low-liquidity native MOO token’s price by buying around $45k worth of crypto and depositing it as collateral in order to borrow Celo. 

Due to the increase in the price of the MOO token by over 6,400% by the attacker’s drive of the price, the attacker was able to borrow $6.6 million worth of Celo, $644,000 Celo Dollars, $1.2 million worth of MOO, and $740,000 worth of Cello Euros. 

Just five hours after the initial confirmation of the exploit, it was shared in a Tweet by Moola Market that they had received over 93% of the funds that were exploited. The attacker has seemingly kept the rest of the amount, which makes the bug bounty a total of around $500,000.