Moonwell, the Base lending protocol, was drained of roughly $8.7M in an exploit flagged by security firm PeckShield.

Moonwell is a Base-native money market. The protocol has been hit before by oracle price-feed manipulation, where a mispriced collateral feed lets an attacker borrow far beyond an asset's real value: a February 2026 incident drained about $1.78M through a bad cbETH price, and an earlier wrsETH mispricing left roughly $3.7M in bad debt. The root cause of this latest $8.7M drain had not been confirmed as the incident was still unfolding.

The repeat pattern keeps lending markets that depend on external price oracles among DeFi's most exploited primitives, renewing pressure on Moonwell's risk and feed design.

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