Moonwell cbBTC Supplier Asks for a Remediation Plan as the Market Holds $1.72 in Cash

A cbBTC supplier to Moonwell on Base has formally requested a remediation plan nearly 10 weeks after the MAMO exploit, with no response yet from the protocol. Unchained's review of the Base contract shows the market holds just $1.72 in cash against roughly $4.56 million in outstanding loans, leaving almost no cbBTC available for withdrawals. The shortfall stems from the exploit, which left suppliers exposed while borrowers' positions remain open. The request matters because it tests how Moonwell will backstop depositors when liquid assets are effectively exhausted. Watchers should look for a formal recapitalization or bad-debt plan, and for whether the remaining cbBTC suppliers can exit at par.