Moonwell is currently facing a governance attack, with the attacker aiming to control over one million dollars in funds with 1,800 dollars

According to The Block, the DeFi lending protocol Moonwell is facing a governance attack on its deployment on Moonriver. An unknown attacker spent approximately $1,800 to purchase about 40 million MFAM tokens, completing the purchase, initiating a proposal, and voting for approval within about 11 minutes. The attacker attempted to transfer the administrator rights of core contracts such as seven lending markets, controllers, and oracles to their controlling contract, which would allow them to withdraw approximately $1.08 million in user funds.

Currently, the voting on the proposal will continue until March 27. It has already reached the quorum early on, but the opposing votes are currently in the majority. However, the final result still depends on the remaining votes and collaboration. Moonwell can also veto the proposal and regain control through the emergency multi-signature "Break Glass Guardian."