Moola Market $8.4 Million Hack

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s cybercrime rates stay high in the decentralized finance sector, Moola Market was exploited for $8.4 million recently. Surprisingly, most of these funds were later given back.

Moola Market tweeted “First off, we're buoyed by the fact that the majority of funds were recovered. This is good news for all users and means that the impact will be limited,”

“As of today, 93.1% of the funds stolen earlier have been returned to the Moola governance multi-sig. To ensure safety, all activity related to Moola has been paused for the time being. The next steps will be discussed with the community so that we can restart operations of the Moola protocol in a safe manner."

Earlier this year, blockchain analysis company Chainalysis released a report that stated some crimes associated with cryptocurrency have increased in frequency. The firm attributes much of this to the theft of funds from DeFi protocols, which began last year.

“In July 2022, $1.9 billion worth of cryptocurrency was stolen in service hacks, compared to just under $1.2 billion at the same time last year," said the firm's report.

Jonathan

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.