On March 26, The Block reported that the DeFi lending protocol Moonwell is currently facing a governance attack. An attacker spent approximately $1,800 to acquire around 40 million MFAM tokens, completing the purchase, initiating a proposal, and voting for approval within about 11 minutes. The attacker aims to transfer the administrative rights of seven core contracts, including lending markets, controllers, and oracles, to their controlling contract, allowing them to withdraw approximately $1.08 million in user funds. The voting on this proposal will continue until March 27, and while it has already reached the quorum, opposing votes currently hold the majority. However, the final outcome will depend on the remaining votes and collaborations. Moonwell can also veto the proposal and regain control through an emergency multi-signature mechanism known as 'Break Glass Guardian'.