DeFi vault infrastructure platform More Markets suffered an exploit that drained roughly $9.3 million in cryptocurrency assets on Flow EVM, as reported by Web3 cybersecurity firm Blockaid.
The bad actor siphoned around 15.5 million Wrapped Flow (WFLOW) tokens, estimated by Blockaid to be worth nearly $9.3 million, from the mFlowWFLOW lending pool, based on on-chain metrics published by Blockaid in an X update on Monday.
According to Blockaid, the perpetrator utilized Ankr Staked FLOW (ankrFLOW), a liquid staking asset, in conjunction with E-mode to excessively borrow funds from the liquidity pool.
E-mode, which stands for efficiency mode, represents an Aave V3 mechanism designed to amplify borrowing capacity for tokens that exhibit correlated pricing, such as liquid staking derivatives and their base assets.
This breach raised aggregate losses resulting from digital asset security incidents to $139.7 million across August, positioning it as the third-highest month in terms of stolen capital throughout 2026 to date. Nonetheless, this represents a notable drop compared to the $254 million plundered in July, per figures from DefiLlama.
This incident follows Sunday’s suspension of the Cronos blockchain network in the wake of an alleged $75 million hack affecting decentralized lending platform Tectonic.
As of publishing time, More Markets had not issued a formal confirmation of the breach nor stated if user balances were impacted. Cointelegraph reached out to Blockaid for additional commentary but received no reply prior to publication, and efforts to contact More Markets were unsuccessful.
Related: Humanity Protocol to prioritize operational security following $36M hack
Originally published at https://cointelegraph.com/news/more-markets-lending-reserve-drained-93m?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
