ChainCatcher message: DeFi lending protocol Moonwell released an official statement regarding an incident where approximately $1.78 million in bad debt occurred due to an oracle configuration error. The statement confirms that a serious error in one oracle configuration caused the system to fail to calculate the cbETH price as expected using cbETH/ETH × ETH/USD, and instead only used the cbETH/ETH exchange rate. This resulted in a cbETH quote of about $1.12 instead of the true market price of approximately $2,200. Attackers could liquidate 1 cbETH with only about $1 of debt repayment, causing a large number of borrower collateral assets to be liquidated and creating significant bad debt. In total, 1,096.317 cbETH were liquidated, most of which were bad debt denominated in cbETH.
Since fixing the oracle requires a five-day governance voting and timelock process, liquidations continued during this period. The relevant fix governance proposal has now been planned for deployment.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ethereum Foundation: Ethereum's AI strategic goal is to become the coordination and verification layer of the AI world
Ethereum Foundation AI Director Davide Crapis stated that Ethereum's goal is to become the coordination and verification layer for AI, emphasizing the importance of decentralization and privacy. Ethereum's AI strategy focuses on decentralized AI coordination and bringing core values into the AI space to protect user data and identities.
GateNews20m ago
Pi Network price hits two-week high, protocol upgrade drives 8.5% increase
Pi Network's native token PI rose about 8.5% on March 4th, reaching a nearly two-week high, following the successful upgrade to protocol v19.9. The upgrade aims to strengthen network capabilities and will introduce v20.2 before Pi Day 2026. Despite the short-term increase, the Pi Foundation transferred 60.99 million tokens, which could trigger supply pressure. Technically, PI faces a key resistance level at $0.173.
MarketWhisper22m ago
Base designates AI Agents and robots as the next frontier of technology, calling on developers to join.
The AI agent platform of the Base ecosystem, Virtuals Protocol, has launched the "Base Batches 003: Robotics" project, aimed at promoting the development of AI agents in the robotics field, supporting the establishment of robot agents and related workflows. Successful applicants will receive mentorship guidance and up to $50,000 in funding, and will participate in the San Francisco Demo Day.
GateNews32m ago
Byreal open-source AI agent skills, supporting on-chain trading, position management, and strategy replication
Solana Protocol Byreal has open-sourced the on-chain interaction tool designed specifically for AI Agents, byreal-cli, supporting core functions such as liquidity pool queries and Token Swap. It is compatible with over 40 AI Agent frameworks, making it easy to use with a single click.
GateNews38m ago
Farcaster Founder: Currently researching new developments related to proxy payments and stablecoins
Foresight News report, Farcaster founder Dan Romero tweeted that he is researching new developments related to proxy payments and stablecoins. "If you are working in this area and want to develop based on Tempo, please contact us."
GateNews50m ago
XRP Today News: Ripple Implements AI-Driven Secure Ledger, Upgrades Security After Vulnerability Exposure
Ripple engineers have discovered a security vulnerability in the XRP Ledger's batch transaction processing mechanism, prompting the team to intervene to prevent impact. To enhance security, Ripple will integrate AI tools into the development process, covering code review and simulated attack testing, strengthening defenses to reduce future risks. Additionally, the current technical support and resistance levels for XRP are around $1.50; a breakout above this level could point to higher targets.
MarketWhisper50m ago
