DeFi lender Moonwell faces governance attack

Decentralized finance protocol Moonwell is currently experiencing a governance attack on its Moonriver deployment. An unidentified attacker reportedly spent approximately $1,800 to acquire enough governance tokens to pass a malicious proposal. This proposal aims to transfer administrative control of key protocol contracts, potentially allowing the attacker to drain around $1.08 million in user funds. The entire process, from token acquisition to proposal passage, occurred rapidly within minutes, highlighting vulnerabilities in decentralized governance mechanisms.