According to Cyvers Alerts, the attacker exploited a weakness in the blockchain’s oracle system to determine WETH’s price. This system relied on a single trading pair with limited liquidity of around $400,000, making it vulnerable to price manipulation. The hacker’s initial transaction siphoned $993,534 from the blockchain, followed by additional exploits totalling $455,127.
🚨ALERT🚨Our system detected multiple suspicious transactions involving unverified lending contracts on #Base a few hours ago.
The attacker initially made a suspicious transaction, gaining approximately $993K from these unverified contracts. Most of these tokens were swapped and… pic.twitter.com/FRo5gVhxCc
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) October 25, 2024
Most of the stolen assets were moved to the Ethereum network, with approximately $202,549 routed through the privacy-focused platform Tornado Cash to obscure the funds’ trail.
Hakan Unal, senior SOC lead at Cyvers Alerts, commented that the attack highlights the risks of using a low-liquidity, single-source oracle, noting that more diversified oracles with higher liquidity are essential for enhanced security. “A more reliable, diversified oracle with higher liquidity could prevent similar attacks,” he reportedly stated.
Unal added that responsibility for the breach may rest with the entity managing the unverified contracts that failed to implement robust oracle verification.
The attacker remains unidentified, as of press time.
The recent exploit adds to growing security concerns in the DeFi sector. UwU Lend, a well-known DeFi lending platform, was recently hacked in a similar manner, resulting in a loss of over $19.5 million. The attacker successfully manipulated the platform’s price oracle to execute the attack.
Also Read: Taiko Halts Bridge Operations After $1.7 Million Exploit
Meanwhile, another blockchain security platform, Scam Sniffer, has warned of a new phishing scam targeting Sony’s blockchain platform, Soneium, through fake Google ads to deceive users and drain their crypto wallets. The scammers have allegedly manipulated Google’s search results, placing a malicious link at the top when users search for “Soneium.”
Moonwell suffered another $1.78M oracle incident in 2026
Moonwell suffered another oracle-related incident after a governance proposal deployed a misconfigured price feed for Coinbase Wrapped Staked ETH (cbETH). The oracle valued cbETH at roughly $1.12 instead of around $2,200, creating a massive pricing discrepancy.
The resulting activity left Moonwell with approximately $1.78 million in bad debt. Researchers said the incident was caused by a missing multiplication step in the oracle’s price calculation.
The episode also sparked debate over the use of AI-assisted or “vibe-coded” smart-contract changes, because parts of the relevant code had reportedly been generated or modified with AI assistance.
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