Moonwell Faces Hostile Takeover Attempt with 66.7% Community Opposition
Moonwell, a decentralized lending protocol on Moonriver, is battling a hostile takeover attempt via Proposal #74, which seeks to transfer control of $1.08 million in assets to an attacker's wallet. The proposal, backed by 40.17 million MFAM tokens acquired for $1,808, has sparked strong community backlash, with over 66.7% of votes against it. Governance experts highlight potential defense strategies to prevent the proposal's passage, including mobilizing 'Against' votes and utilizing a multisig mechanism.
Theia Market Signal Identification - AI Assisted
Moonwell is resisting a takeover attempt by an unknown attacker through Proposal #74, which would transfer control of seven lending markets holding approximately $1.08 million in assets. The attacker acquired 40.17 million MFAM tokens for $1,808 to propose a governance change that could drain user funds.
Community votes against the proposal exceed 66.7%, indicating strong opposition. Strategies suggested for defense include mobilizing sufficient votes and using a Break Glass Guardian multisig to regain control. If unopposed, the attacker could execute the proposal by March 28, 2026.
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