More Markets Exploit Drains $9.3 Million From Flow EVM Reserve

More Markets is a decentralized-finance vault protocol operating on Flow EVM, where it provides crypto-asset lending services. The breach highlights the risks embedded in capital-efficient lending features such as liquid-staking collateral and E-mode: if collateral assumptions, pricing mechanisms or risk parameters are exploited, attackers can borrow far beyond the value that a protocol can safely support.

An attacker drained More Markets’ lending reserve of about $9.3 million in WFLOW, blockchain security firm Blockaid reported. The exploit used an Ankr liquid-staking token together with the protocol’s E-mode mechanism to secure excessive borrowing. The incident pushed cryptocurrency losses from hacks during August to approximately $139.7 million, adding another major DeFi breach to the month’s tally.