Blockaid has flagged a major exploit on the More Markets lending platform: the attacker leveraged Ankr liquid staking tokens along with E-mode to overborrow and drain one of the reserves. Blockaid estimates the attacker made off with around $9.3 million in WFLOW from the protocol’s reserve pool.

What Happened

According to Blockaid, the exploiter managed to borrow way more than they should have been able to on More Markets, ultimately pulling about $9.3 million worth of WFLOW from the lending pool. The exploit specifically targeted the reserve, completely draining those funds.

How the Attack Worked (Blockaid’s Breakdown)

Blockaid’s report says the attacker combined Ankr’s liquid staking token with E-mode. Using this combo, they were able to overcollateralize and keep borrowing beyond the normal limits, then siphon assets from the reserve. Blockaid didn’t share all the technical details, but the key ingredients were the Ankr liquid staking token and E-mode—together, these allowed the attacker to overborrow and pull off the heist.