Cyberattack on More Markets: $9.3 Million Stolen Through Sophisticated Manipulation

Well, here we go again. As if the DeFi world didn’t have enough drama, now it’s More Markets’ turn. According to Blockaid, a security provider that surely isn’t thrilled to be delivering yet another breach report, an unidentified attacker made off with a hefty $9.3 million from the protocol’s reserve funds. And the method used was so clever that even the brightest minds in the space were momentarily left speechless.
A Thief in the Digital Casino
Imagine walking into a casino, betting your entire stack on a single color—and then the dealer allows you to draw 20 more chips because you were so persuasive. That’s essentially what happened here. The attacker exploited Ankr’s liquid staking token, a token designed to make staked crypto assets tradable. Paired with a feature called E-Mode—a turbocharged trading tool that optimizes leverage—the attacker was able to push More Markets’ credit limits beyond their intended boundaries.
And how exactly? Through overborrowing—taking out loans that shouldn’t have been possible. The attacker structured their position to borrow more WFLOW (a Flow blockchain token) than their collateral should have allowed. Then, they simply drained the funds into their own wallet. Simple. Efficient. And, above all, illegal.
More Markets: Shock, Then a Hunt for Weaknesses
More Markets’ response? Naturally, they froze everything. The affected reserves are now locked down as the team, alongside Blockaid and other security experts, scrambles to identify the breach. In



an official statement, they reassured users that no other customer funds were impacted—a small comfort for the community.
But let’s be honest: If even Blockaid, whose entire job is to spot these vulnerabilities, admits that such attacks are often only detected after the fact, it sends one clear message—DeFi protocols are like Swiss cheese: full of holes, and you never know where the next one will appear.
DeFi: A Hacker’s Paradise?
Unfortunately, this isn’t an isolated incident. Just last July, the Jupiter Aggregator Protocol lost $4.2 million in a similar attack. And experts warn: it’s only going to get worse. Why? Because DeFi keeps evolving—more features, more mechanisms, more opportunities—but also more attack vectors. And the worst part? The attackers are getting more creative by the day. Because why wouldn’t they? Nine million dollars in one go? Who could resist?
What’s Next?
For More Markets and every other protocol, this means one thing: triple down on security. Blockaid advises a deeper dive into E-Mode, real-time credit limit adjustments, and mandatory—not optional—regular audits. And for us users? Stay alert and informed. Don’t blindly trust, no matter how reputable the protocol seems.
DeFi has so much potential—but it’s like a high-performance sports car: if you don’t know how it works, it can quickly turn dangerous. So stay informed, stay cautious, and don’t put all your eggs in one basket. The crypto world is wild, and not everyone navigating it has good intentions.