More Markets lending reserve drained of US$9.3M

• Blockaid said an attacker drained about US$9.3 million from a More Markets lending reserve.
• The attacker reportedly drained 15.5 million Wrapped Flow tokens from the reserve.
• The incident lifted August’s crypto hack losses to US$139.7 million, according to DefiLlama.

Blockaid said an attacker drained about US$9.3 million from a More Markets lending reserve on Flow EVM.

The attacker reportedly drained 15.5 million Wrapped Flow (CRYPTO:WFLOW) tokens from the mFlowWFLOW reserve.

Blockaid said the attacker used Ankr Staked FLOW (CRYPTO:ankrFLOW) and Aave V3’s E-mode to increase borrowing power.

E-mode can increase borrowing power for assets expected to have similar price movements, such as liquid staking tokens and their underlying assets.

The incident pushed August’s cryptocurrency hack losses to US$139.7 million, according to DefiLlama data cited by Cointelegraph.

That August total remains below the US$254 million stolen during July, while More Markets had not publicly confirmed the incident at publication.

Cointelegraph said it could not confirm whether users suffered losses and had not received a response from More Markets or Blockaid.