Moonwell recently successfully thwarted a malicious governance proposal attack. The attacker accumulated approximately 50 million WELL tokens (worth about $3.1 million) on the market to gain sufficient voting power and submitted a malicious proposal titled “MIP-M11.” The proposal aimed to change the protocol’s risk parameters, allowing the attacker to borrow and withdraw assets worth approximately $14 million on the Base chain, including USDC, ETH, and cbETH. Due to Moonwell’s governance mechanism with a 48-hour mandatory waiting period, the team was able to intervene successfully before the attack was carried out. Currently, all protocol funds are secure, and the malicious proposal has been withdrawn.