More Markets Protocol Drained for $9.3M in Exploitation of Staking Token
Security firm Blockaid reported a $9.3 million exploit on More Markets lending reserves involving Ankr liquid staking tokens.
DeFi lending protocol More Markets suffered a $9.3 million exploit after an attacker manipulated its collateral borrowing mechanics. Blockchain security firm Blockaid confirmed that the perpetrator drained Wrapped FLOW (WFLOW) directly from the platform's lending reserves.
The attack utilized an Ankr liquid staking token combined with high-leverage borrowing modes (E-mode) to artificially inflate borrowing capacity against collateral. This allowed the exploiter to under-collateralize and extract substantial network liquidity.
The breach underscores persistent vulnerabilities in specialized DeFi collateral parameters and emphasizes the critical importance of robust oracle and oracle-mode risk management.
Key takeaways
- More Markets lost approximately $9.3M in WFLOW due to a protocol exploit.
- The attacker abused Ankr liquid staking tokens within high-leverage borrow modes.
- Security analysts highlight ongoing risks in complex DeFi lending parameters.