Blockaid Uncovers Shocking $9.3M Drain on More Markets Lending Reserve—What’s Really Happening Behind the Scenes?

Ever wondered how a slick move in the decentralized finance world can turn into a multi-million dollar vanishing act? Well, More Markets just got hit with a heist that’s as puzzling as a DNS hijacking – to the tune of $9.3 million in Wrapped Flow tokens, gone in a blink on the Flow EVM. The culprit? A crafty exploitation of Aave V3’s ‘efficiency mode’ using liquid staking tokens, proving that in DeFi, even the smartest tools can be double-edged swords. As crypto hacks keep reshaping the landscape, this latest exploit nudges August’s losses to nearly $140 million – a steep drop from July but still a jaw-dropper. Curious how this all played out and what it means for the future of DeFi security? Dive in and get the full scoop. LEARN MORE.

Decentralized finance (DeFi) vault infrastructure protocol More Markets had a lending reserve drained of about $9.3 million in digital assets on Flow EVM, according to Web3 security platform Blockaid.

The attacker drained about 15.5 million Wrapped Flow (WFLOW) tokens, valued by Blockaid at approximately $9.3 million, from the mFlowWFLOW lending reserve, according to blockchain data shared by Blockaid in a Monday X post.

Blockaid said the attacker used Ankr Staked FLOW (ankrFLOW), a liquid staking token, alongside E-mode to overborrow from the reserve.

E-mode, short for efficiency mode, is an Aave V3 feature that increases borrowing power for assets whose prices are expected to move together, such as a liquid staking token and its underlying asset.

The exploit pushed total losses from cryptocurrency hacks to $139.7 million for August, making it the third-largest month by value stolen so far in 2026. However, it marks a significant decrease from $254 million stolen during July, according to DefiLlama data.

On Sunday, Cronos halted its blockchain network after a reported $75 million exploit targeting DeFi lending protocol Tectonic.

More Markets had not publicly confirmed the incident or disclosed whether users suffered losses at the time of publication. Cointelegraph contacted Blockaid for more details but did not receive a response by publication and was unable to reach More Markets for comment.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.