The donation step is the one to study. Formally supplying 15,089,595 MAMO bought mMAMO receipts worth about $159,904 at the reference price of $0.010597 [4][7]. The next 53,393,290 MAMO arrived as a plain transfer into the mMAMO contract, roughly 3.5 times the size of the supplied position, and because it minted no shares the market's mint-path supply cap never registered it [5][9]. Every outstanding share got heavier instead. The principal account held about three quarters of outstanding mMAMO, so it captured most of that increase, and its underlying claim grew to about 55.51 million MAMO [8].
The buying did the rest, a 40.7 times move in the MAMO/USD source feed [4]. At the peak the enlarged claim marked at roughly $23.94 million, about 150 times the baseline value of the position it started from, and $11.97 million of borrowing power at the market's 50 percent collateral factor [9][5]. Moonwell's highest archived accepted price was lower, $0.40248571, worth $22.34 million and $11.17 million of capacity [10]. The borrows stopped at 98.7 percent of that lower ceiling [6]. The actor sized borrows against Moonwell's accepted price, using the feed only as the lever that pushed collateral value up.
The cost figures in the post-mortem contradict its own headline number. About 799 ETH became 1,947,391 USDC and crossed to Base [2]. Gross MAMO purchasing volume of roughly $7.50 million against that principal is 3.85 turns of the same money, because borrowed assets were spent again as purchasing power [3][1]. Gross borrowings came to 5.66 times the outside capital [2]. The traced stablecoin increase, which Moonwell labels a gain estimate rather than a settled figure, is $6.785 million before gas, 3.48 times the money that entered [15][3].
The exit ran through one corridor: 8,729,454 USDC burned on Base via Wormhole's CCTPv2-with-Executor helper over Circle CCTP V2, 8,728,319 USDC received on Ethereum, a gap of 1,135 USDC, then conversion through Velora into canonical DAI and transfer to the linked operational account [12][8]. Evidence is cut at Base block 50,524,962, 14:01:11 UTC on 27 August, with supplementary verification through 28 August [16].
About $9.131 million of borrower obligations remained at that cutoff on Moonwell's oracle basis, and the post-mortem presents it as a best estimate of residual debt and potential bad debt rather than a closed number [14].
