More Markets lending reserve drained for $9.3M: Blockaid
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
More Markets, a decentralized finance (DeFi) vault protocol on Flow EVM, had its lending reserve drained of about 15.5 million Wrapped Flow (WFLOW) tokens, valued at approximately $9.3 million, according to Web3 security platform Blockaid. The attacker exploited the reserve by using Ankr Staked FLOW (ankrFLOW) liquid staking tokens combined with Aave V3’s efficiency mode (E-mode) to overborrow. More Markets has not publicly confirmed the incident or disclosed any user losses as of the report.
Why it matters
Blockaid highlights that this exploit contributed to total cryptocurrency hack losses reaching $139.7 million in August 2026, marking it as the third-largest month by stolen value so far this year. The source indicates a decline in stolen amounts compared to July’s $254 million but does not elaborate further on the broader market or user impact.
Key context
The attacker leveraged E-mode, an Aave V3 feature designed to increase borrowing power for correlated assets like liquid staking tokens and their underlying assets. This highlights a specific risk associated with DeFi lending protocols that enable correlated asset borrowing. The report also references a prior $75 million exploit on the Tectonic DeFi protocol and a $36 million hack of Humanity Protocol, pointing to ongoing challenges in DeFi security.
Key numbers and entities
More Markets (DeFi vault protocol), Blockaid (Web3 security platform), Flow EVM blockchain, 15.5 million Wrapped Flow (WFLOW) tokens worth approximately $9.3 million, Ankr Staked FLOW (ankrFLOW) token, Aave V3’s efficiency mode (E-mode). Total crypto hack losses in August 2026: $139.7 million. Previous month (July) losses: $254 million. Other entities: Tectonic (DeFi lending protocol), Cronos blockchain network, Humanity Protocol.
What remains unclear
More Markets has not publicly confirmed the hack or specified if any users were affected or lost assets. The exact technical details of the exploit beyond the use of ankrFLOW and E-mode are not disclosed. Blockaid did not respond to queries for additional information by the time of the report’s publication.