news

Oracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt

ETH
📰 sources⭐ 9.0
#defi#liquidations
Oracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt
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TL;DR:

The error allowed liquidators to repay roughly $1 of debt to seize cbETH collateral, leaving Moonwell with nearly $1. 8 million in bad debt.

Key Points:

  • Oracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt - Yahoo Finance
  • Story reported by 12 sources including Oracle Error Leaves DeFi Lender Moonwell With $1.8 Million in Bad Debt
  • Related to defi in the crypto space

    • Background:

    Decentralized Finance (DeFi) refers to financial services built on blockchain networks that operate without traditional intermediaries like banks. DeFi protocols enable lending, borrowing, trading, and earning yield on cryptocurrency assets through smart contracts.

    Why It Matters:

    DeFi represents a fundamental reimagining of the financial system, offering permissionless access to financial services globally. DeFi developments impact how value is exchanged, stored, and utilized in the crypto ecosystem, driving innovation in financial products and services.