According to CoinMeta, Moonwell suffered losses of approximately $8.7 million due to a vulnerability in the manipulation of collateral prices by Mamo, and has temporarily suspended new lending on its core markets. In a statement on August 27th, Moonwell stated that it was investigating the incident and reduced the lending limits on all core markets to 1 wei to prevent users from opening new lending positions. Blockchain security companies PeckShield and Certik estimated the losses at around $8.7 million each. Blockaid traced this attack to be related to the manipulation of collateral prices for Mamo tokens. Moonwell indicated that further updates would be provided.