A pricing error tied to an oracle configuration glitch left DeFi lending protocol Moonwell with roughly $1.8 million in bad debt after Coinbase Wrapped ETH (cbETHA pricing error tied to an oracle configuration glitch left DeFi lending protocol Moonwell with roughly $1.8 million in bad debt after Coinbase Wrapped ETH (cbETH
$1.8M Gone in Minutes: Moonwell’s Oracle Glitch Shakes DeFi Lending
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A pricing error tied to an oracle configuration glitch left DeFi lending protocol Moonwell with roughly $1.8 million in bad debt after Coinbase Wrapped ETH (cbETH) was briefly mispriced at around $1 instead of reflecting its value relative to ETH. The protocol, which operates on Base and Optimism, said the incident was triggered following the execution of a governance proposal that enabled Chainlink OEV wrapper contracts. According to Moonwell’s post, one price feed was misconfigured in a way that caused the system to read an exchange-rate value without correctly applying the ETH/USD price. As a result, cbETH’s dollar valuation
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