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Base DeFi

Analysis of the DeFi ecosystem on Base — protocol launches, exploits, TVL trends, and the development of lending, trading, and yield infrastructure on Coinbase's L2.

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Moonwell cbETH Oracle Bug: How $1.78M Vanished on Base

Moonwell’s February cbETH incident was not a hack. It was a one-line oracle mistake that liquidated healthy users and exposed weak deployment safeguards.

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Dark technical illustration of the Moonwell cbETH oracle bug, showing a missing oracle multiplication step pricing cbETH at $1.12, triggering automated liquidations and leaving bad debt across a DeFi lending market.

Web3 Fraud Files7 min read

Moonwell cbETH Oracle Bug: How $1.78M Vanished on Base

Moonwell’s February cbETH incident was not a hack. It was a one-line oracle mistake that liquidated healthy users and exposed weak deployment safeguards.

Zashleen Singh

Mar 29, 2026