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Home BlockchainOracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt
Blockchain

Oracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt

by Decrypt
written by Decrypt 0 comments
Oracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt

In brief

  • A misconfigured oracle priced cbETH at about $1 instead of roughly $2,200.
  • Liquidations seized 1,096.317 cbETH and wiped out borrower collateral.
  • The protocol was left with $1.78 million in bad debt pending a governance fix.

A Sunday morning pricing glitch turned into a multimillion-dollar headache for the DeFi lending platform Moonwell, after a “misconfigured oracle” briefly valued Coinbase Wrapped ETH (cbETH) at just $1.

The pricing error effected caused a 99.9% discount from the asset’s…

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