Blockaid Links $9.3M More Markets Exploit to Onchain Attack

More Markets suffered the loss of 15.5 million Wrapped Flow (WFLOW) on Monday due to an exploit on Flow EVM. According to security firm Blockaid, the initial impact was valued at $9.3 million.

The lending protocol has yet to confirm any losses. Its team stated it is investigating the claim and will release findings upon completion of the review.

Onchain Trail Identified by Blockaid

More Markets functions as a non-custodial lending platform on Flow EVM, developed by More Labs. Blockaid reported that an attacker leveraged an Ankr bonded liquid staking token together with the protocol's Efficient Mode configuration to empty the mFlowWFLOW reserve.

Blockaid released details of the exploit transaction, the contract deployment, and 11 subsequent transfers. The firm also identified the attacker address, a helper wallet, and the compromised pool.

Markets responded swiftly. The Flow (FLOW) token declined approximately 8% in 24 hours, trading around $0.026. Total value locked in More Markets fell to about $3.6 million. However, this decline is occurring within a wider market slump that has reduced the overall market cap by roughly 3%.

Our team is currently investigating a claim that MORE Markets was exploited. We will share our findings shortlhy. https://t.co/fZT6XLVUva

— MORE Markets 🐙 (@MORE_DeFi) August 31, 2026

This exploit comes at the conclusion of a difficult period for crypto protocols. Cronos paused its blockchain on August 30 following the discovery of an exploit at Tectonic, its biggest lending market. Moonwell experienced an estimated $8.7 million loss last week.

According to DefiLlama data, there have been 37 hacks in August, amounting to approximately $140 million in total. Lending protocols constitute the majority of that sum.