Chainlink oracle issues lead to $1 million loss for Moonwell amidst DeFi vulnerabilities

The failure in the Chainlink oracle resulted in a mispricing that allowed an attacker to exploit Moonwell’s protocol and drain $1 million before it could be addressed.

Following the exploit, Moonwell’s Total Value Locked saw a decline from $268 million to $213 million, eroding user trust and confidence in the platform.