Mango Markets, a decentralized platform hosted on the Solana blockchain, was exploited for over US$100 million.
See related article: What is the Solana ecosystem and how is it fueling SOL’s stratospheric rise?
Fast facts
- Mango’s token MNGO was severely impacted, dropping 42.9% in the past 24 hours to US$0.023 as of 11:15 a.m. in Hong Kong, according to data from CoinMarketCap.
- Blockchain auditor OtterSec reported the exploit via Twitter, saying: “It appears the attacker was able to manipulate their Mango collateral. They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury.”
- Mango announced they were “taking steps to have third parties freeze funds in flight” and would be “disabling deposits on the front end as a precaution.”
- The platform appealed to the exploiter to “please contact blockworks@protonmail.com to discuss a bug bounty.” Mango Markets cofounder Daffy Durairaj also publicly contacted the exploiter, listing his objectives “in order of importance: 1. You are cleared of any wrongdoing 2. You make a healthy profit 3. All Mango depositors are made whole 4. Mango DAO maintains some treasury to rebuild.”
- The exploiter posted a governance proposal, promising to return stolen MSOL, SOL and MNGO in exchange for Mango paying back “bad debt” using the USDC in its treasury.
- This marks the second US$100 million+ DeFi exploit in the last week, with the Binance Smart Chain being hacked for such an amount last Thursday.
See related article: BNB Chain back online after around $100 mln lost in possible exploit