Another massive amateur operation. An hour ago, Base @base's native leading lending protocol @MoonwellDeFi had an incident. The attacker manipulated the collateral price to borrow cbBTC/USDC assets, totaling approximately $8.7 million. The attack logic wasn’t complicated: 1/ The attacker first bought a large amount of MAMO, one of MoonWell's collateral assets, on a DEX. Due to low liquidity, the price was pumped 8x; 2/ They deposited MAMO into the protocol as collateral and borrowed a large amount of high-quality assets like cbBTC/USDC based on the inflated value; 3/ Dumped MAMO. The attacker made a net profit of about $6 million. Now the question is, why was a low-liquidity asset like MAMO accepted as collateral by MoonWell? And why was the attacker confident enough to risk millions of dollars on such a high-risk operation? Honestly, it’s pretty hard to guess.