Over $100 million was stolen from Mango Markets, a decentralized finance (DeFi) platform running on the Solana blockchain.
According to data from CoinMarketCap, Mango’s token MNGO was severely affected, falling 42.9% in the last 24 hours to US$0.023 as of 11:15 a.m. in Hong Kong.
It appears the attacker was able to manipulate their Mango collateral, according to tweet from blockchain auditor OtterSec.
They temporarily increased the value of their collateral before taking out sizable loans from the Mango Treasury.
Mango stated they would be “disabling deposits on the front end as a precaution” and “taking steps to have third parties freeze funds in flight.”
To discuss a bug bounty, the platform requested that the exploiter “please contact blockworks@protonmail.com.” Daffy Durairaj, a co-founder of Mango Markets, publicly contacted the exploiter as well.
He listed his goals “in order of importance: 1.You are exonerated of all charges. 2. You generate a sizable profit. 3. Restitution is given to all Mango depositors. 4. Mango DAO keeps some money in the bank to rebuild.
The exploiter published a governance proposal in which he offered to return the MSOL, SOL, and MNGO tokens that had been taken in exchange for Mango repaying “bad debt” with USDC from its treasury.
Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.
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