More Markets has suffered an exploit on Flow EVM that drained about 15.5 million WFLOW from the lending protocol, with blockchain security firm Blockaid estimating the impact at roughly $9.3 million.
Attacker Used Ankr Bonded LST and E Mode
Blockaid said the attacker exploited More Markets by using an Ankr bonded liquid staking token together with the protocol's E Mode mechanism. The firm identified the mFlowWFLOW lending reserve as the source of the drained tokens. More Markets is a decentralized, noncustodial lending protocol deployed on Flow EVM and built using Aave V3 architecture.
WFLOW Lending Reserve Targeted
More Markets lists WFLOW with a loan-to-value ratio of 81.5% and a liquidation threshold of 83%, while ankrFLOW has a 78.5% loan-to-value ratio and an 81% liquidation threshold. Ankr's documentation describes ankrFLOW as a reward-bearing liquid staking token issued when users stake FLOW through its staking service. Blockaid had not said that Ankr itself was compromised — its disclosure only identified the bonded LST and More Markets' E Mode mechanism as components used by the attacker.
Flow EVM Separate From Attack Vector
The incident targeted an application running on Flow EVM, with no indication that the Flow blockchain itself had been compromised. Flow EVM provides an Ethereum-compatible environment on Flow, allowing applications written for the Ethereum Virtual Machine to operate on the network. The distinction is relevant because Flow suffered a separate security breach in late 2025, when a vulnerability in Flow's Cadence execution layer allowed an attacker to duplicate fungible tokens before extracting approximately $3.9 million.
Investigation Ongoing
Blockaid published an exploit transaction, the contract deployment transaction and a cluster of post-exploit transfers. The firm said the cluster contained transactions used to move funds after the reserve was drained, but had not provided a final accounting of the attacker's holdings. The final losses and destination of the assets remain under investigation.
