Moonwell cbBTC Supplier Asks for a Remediation Plan as the Market Holds $1.72 in Cash
By Unchained
AI summary of the source article
A Moonwell cbBTC market supplier has submitted a governance request seeking a remediation plan following an August exploit. Contract data showed roughly $1.72 in cash left to withdraw against approximately 58.48 cbBTC supplied.
Key facts
- A Moonwell supplier filed a formal governance request on Nov. 3 seeking a remediation timeline nearly 10 weeks after an Aug. 27 exploit.
- A contract read on Nov. 3 showed roughly 0.0000221 cbBTC ($1.72) in cash available to withdraw against about 58.48 cbBTC supplied.
- Risk provider Anthias Labs reported gross bad debt in the cbBTC market at 54.87 cbBTC, with 93.5% of debt in insolvent accounts.
Source excerpt · Unchained
Nearly 10 weeks after the MAMO exploit, Unchained's read of the Base contract shows almost no cbBTC left to withdraw against about $4.56 million in loans, and a formal request for a plan has drawn no replies. The post Moonwell cbBTC Supplier Asks for a Remediation Plan as the Market Holds $1.72 in Cash appeared first on Unchained .