Tectonic and Moonwell Hit in Price Manipulation Attack
CryptoSlate reports exposure after attackers inflated thin-token collateral values.
TLDR
CryptoSlate stated that Tectonic and Moonwell were exposed after attackers inflated thin-token collateral to borrow liquid assets. The post highlighted over $84M at risk through this method. US regulators had targeted similar tactics following the Mango Markets case. The protocols depend on prices from shallow markets vulnerable to movement. The linked article covers variations of this price-manipulation strategy that regulators examined in 2023.
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