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⚠️ Oracle error leaves DeFi lender Moonwell with $1.8 million debt
A malfunction occurred in the Moonwell protocol: a misconfigured oracle valued Coinbase Wrapped ETH (cbETH) at approximately $1 instead of the market price of $2200. This caused mass liquidations and wiped out borrowers' collateral.
💳 Liquidators were able to repay about $1 of the debt and seize cbETH collateral — a total of 1096 cbETH was recovered. As a result, the protocol was left with $1.78 million in unrecoverable debt.
Moonwell has already reduced borrowing limits, and deposits of cbETH are nearly at zero, with a governance proposal underway. The incident once again highlights how critical oracle reliability is for DeFi.
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