A white hat MEV operator, known as "c0ffeebabe.eth", intercepted $2.6 million in stolen crypto assets from Morpho Labs' DeFi protocol. The hack occurred after Morpho Labs implemented a front-end update on April 10. A vulnerability in the update allowed a hacker to breach an address the next day.
Blockchain security firm PeckShield reported the incident. They noted that c0ffeebabe.eth front-ran the transaction, effectively saving the funds. The intercepted assets were transferred to a different wallet address.
Morpho Labs quickly responded by reverting the front-end update. They assured users that all funds in the Morpho Protocol remained safe. The team identified the issue, applied a fix, and promised a detailed explanation soon.
C0ffeebabe.eth has a history of heroic interventions in DeFi hacks. In 2023, they retrieved $5.4 million in Ether from the Curve Finance exploit. They also recovered funds during the Blueberry exploit in 2024. This incident highlights the crucial role of white hat actors in protecting crypto assets. It also underscores the ongoing security challenges in the rapidly evolving DeFi landscape.
