More Markets Drained of $410,000 in Lending Exploit

Another security incident has hit the decentralized finance space. Security company Blockaid spotted an attack on More Markets that resulted in the loss of about $410,000 in wrapped FLOW tokens.

According to the security team, the attacker managed to drain the lending reserve by using an Ankr liquid staking token alongside E mode. This combination allowed them to overborrow funds from the platform without proper backing.

Incidents like this remind traders to keep a close eye on protocol safety and collateral rules. As security teams patch these vulnerabilities, users should watch for official updates from More Markets regarding fund recovery and protocol updates.