Moonwell

Moonwell receives a C risk grade (46/100) from Hindenrank, where lower scores indicate lower risk. High risk — four exploits in three years and a removed bug bounty program suggest systemic security weaknesses A lending protocol on Base and Optimism where you deposit crypto to earn interest or borrow against it, managing $500M in deposits. It has been hacked four times in three years, including a $1M exploit in November 2025 caused by a faulty price feed. Its C- grade reflects this pattern of repeated security failures.

The key risks identified for Moonwell are: (1) Hacked four times in three years. The November 2025 exploit used a faulty price feed that valued one token at $5.8M instead of $3,500. An attacker borrowed $1M against worthless collateral. (2) The bug bounty program was removed in February 2025. Within months, the protocol suffered $2.7M in additional exploits. Without bounties, security researchers have no incentive to report vulnerabilities. (3) During the October 2025 market crash, the protocol accumulated $1.7M in bad debt when prices dropped too fast for the system to sell-off risky positions in time.

Moonwell scores 46/100 across eight risk dimensions: Mechanism Novelty: 2/15, Interaction Severity: 13/20, Oracle Surface: 3/10, Documentation Gaps: 3/10, Track Record: 12/15, Scale Exposure: 3/10, Regulatory Risk: 3/10, Vitality Risk: 7/10. The highest risk area is Track Record at 12/15.

Among 90 rated Lending protocols on Hindenrank, Moonwell ranks #80 by safety (lowest risk score = safest). Its 46/100 risk score and C grade place it among the riskier Lending protocols.

Moonwell scores 12/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.