Decentralized finance (DeFi) platform Moola Market has suffered a security incident leading to a loss of up to $9m worth of cryptocurrency.
The Celo blockchain-based platform admitted the incident in a tweet posted at 19:03 BST on Tuesday, October 18. In a thread, the Moola Market team stated: “We are actively investigating an incident on @Moola_Market. All activity on Moola has been paused. Please do not trade mTokens.
“To the exploiter, we have contacted law enforcement and taken steps to make it difficult to liquidate the funds. We are willing to negotiate a bounty payment in exchange for returning the funds within the next 24 hours.”
Several hours later, it appeared the hacker had negotiated a “bounty” for returning most of the funds taken by the attacker. Moola Market tweeted: “Following today's incident, 93.1% of funds have been returned to the Moola governance multi-sig. We have continued to pause all activity on Moola, and will follow up with the community about next steps,...
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