Formal Request Draws No Replies
A supplier in Moonwell’s Base cbBTC Core market lodged a formal governance request on Nov. 3, calling on the protocol’s contributor team and its risk provider, Anthias Labs, to publish a remediation plan with a timeline. The move came almost 10 weeks after the Aug. 27 exploit of the MAMO market, in which an attacker inflated the collateral’s value and drained assets from the protocol, leaving the cbBTC market holding bad debt. cbBTC is Coinbase’s wrapped bitcoin, and the Base market lets holders lend it out for interest; when borrowed positions become unrecoverable, the shortfall falls on suppliers, which is the position the request addresses. The market runs as a smart contract on Base, an Ethereum layer 2 network, and its weekly health updates come from Anthias Labs.
The author, posting under a forum username, states they hold about 1.462 cbBTC across three wallets, a figure that has not been independently verified, and writes that there is “no published remediation path for cbBTC suppliers.” The thread had drawn no replies as of about 20:55 UTC on Nov. 3, leaving the demands formally unanswered. The request asks whether the Moonwell Foundation treasury will be tapped, how any recovered funds would be divided among the affected markets, and whether cbBTC suppliers rank with or behind the earlier cbETH remediation. It also asks for regular accounting of the cbBTC market and proposes that any money sent to the market be split pro rata among current suppliers, through a claim contract or, alternatively, a withdrawal queue. Withdrawable cash is the only value suppliers can pull out immediately; the loan book returns only if borrowers repay or recoveries land. The author offered to share wallet addresses with contributors privately.
58.65 cbBTC Out on Loan
On-chain data shows how little is left to hand back. A read of the market contract on Base at block 53,474,710, taken at 20:46 UTC on Nov. 3, recorded about 0.0000221 cbBTC of cash, roughly $1.72 at the cbBTC price of about $77,683 carried by market data that day. That cash is everything suppliers can withdraw. The same read showed about 58.65 cbBTC, close to $4.56 million, out on loan against about 58.48 cbBTC supplied, with roughly 0.17 cbBTC in reserves.