The decentralized lending protocol Moola Market for the Celo network halted operations following an $8.4 million exploit.
Igor Igamberdiev of The Block Research determined that the exploiter used 243,000 Binance-issued CELO tokens and lent 60,000 CELO to Moola in order to borrow 1.8 million MOO for use as collateral.
The exploiter increased the price of MOO using the remaining CELO before using the borrowed MOO as collateral to borrow tokens through a number of additional DeFi lending mechanisms.
The attacker earned 6.5 million CELO ($8.8 million), 700,000 cEUR ($765,000), 600,000 MOO ($1.8 million), and 600,000 cUSD ($644,000) for their efforts.
According to Moola Market, all activity on the site has been suspended while a team from the company actively investigates the event. Moola advises users not to trade mTokens in the interim.
The Moola Market team tweeted urging people to not trade mTokens as they are actively investigating the incident on Moola Market.