Morpho Labs have decided to scam users out of potentially millions of dollars almost completely unnoticed:
Highly disappointed in the team, this is a “blue chip” protocol that has raised $50m, it’s wild that it has to resort to this behavior, they were spoken too in private before this and refused to change when confronted
Any users who tap max withdraw when repaying will be automatically liquidated, unlike any other reputable lending platform or even non reputable for that matter
For a demonstration of this let’s look at a pure stablecoin pair WUSD+/USDC, the collector wallet has managed to take over $100,000 from users on this pair
For reference :
Highly recommend this issue be fixed so it does not impact future users and recommend the team do something to help make impacted users whole, be it future tokens, bug bounty, or refunding liquidated fees
I was alerted to this through three separate individuals one of whom lost $25k, reach out below if you were impacted due to this please, going to set up a chat thanks for the read :)debank.com/profile/0x52dc…
Highly disappointed in the team, this is a “blue chip” protocol that has raised $50m, it’s wild that it has to resort to this behavior, they were spoken too in private before this and refused to change when confronted
Any users who tap max withdraw when repaying will be automatically liquidated, unlike any other reputable lending platform or even non reputable for that matter
For a demonstration of this let’s look at a pure stablecoin pair WUSD+/USDC, the collector wallet has managed to take over $100,000 from users on this pair
For reference :
Highly recommend this issue be fixed so it does not impact future users and recommend the team do something to help make impacted users whole, be it future tokens, bug bounty, or refunding liquidated fees
I was alerted to this through three separate individuals one of whom lost $25k, reach out below if you were impacted due to this please, going to set up a chat thanks for the read :)debank.com/profile/0x52dc…
looks like one user lost 3k eth on ez eth de peg due to a manual liquidation too lmaoooo
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