BlockBeats News, March 26 — According to The Block, the DeFi lending protocol Moonwell is experiencing a governance attack. An attacker spent approximately $1,800 to buy about 40 million MFAM tokens, completed the purchase, submitted a proposal, and voted to approve it within about 11 minutes. The attacker aims to transfer admin rights of seven lending markets, controllers, and oracles—core contracts—into their control contract, potentially allowing them to extract around $1.08 million of user funds.
The proposal voting will continue until March 27. Early voting has reached the quorum, with opposition votes currently leading, but the final outcome still depends on remaining votes and coordination. Moonwell can also use an emergency multi-signature “Break Glass Guardian” to veto the proposal and reclaim control.
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