Moonwell suffers governance attack; attackers attempt to control over a million dollars with only $1,800.

PANews reported on March 26 that, according to The Block, the DeFi lending protocol Moonwell is facing a governance attack on its Moonriver deployment. An unknown attacker spent approximately $1,800 to purchase about 40 million MFAM tokens, completing the purchase, initiating a proposal, and getting it approved in about 11 minutes. The attacker attempted to transfer administrator privileges for seven core contracts, including lending markets, controllers, and oracles, to their controlled contract, thereby potentially extracting approximately $1.08 million in user funds. Voting on the proposal will continue until March 27. An early quorum was reached, but the "no" votes subsequently gained the upper hand. However, the final outcome depends on the remaining votes and coordination. Moonwell can also veto the proposal and regain control through an emergency multisignature "Break Glass Guardian."