Moonwell cbBTC Supplier Seeks Remediation Timeline as Market Cash Nears Zero

A Moonwell supplier has asked for a dated plan to address losses in the protocol’s Base market for Coinbase Wrapped Bitcoin (cbBTC), where a Nov. 3 snapshot showed only $1.72 available for withdrawals. A read of the Base market contract at 3:46 p.m. ET (20:46 UTC) showed 0.0000221 cbBTC in withdrawable cash. The market had 58.65 cbBTC lent out, worth about $4.56 million, against 58.48 cbBTC supplied, and about 0.17 cbBTC in reserves. A cbBTC supplier filed a request Tuesday, Nov. 3, asking Moonwell contributors and risk provider Anthias Labs to publish a remediation plan with a timeline. The Aug. 27 MAMO exploit had left the market with bad debt about 10 weeks earlier. For Oct. 23-29, gross bad debt in the cbBTC market was 54.87 cbBTC. As of Sept.

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