Mango platform will give the hacker $47 million for finding the bug

The management of the project noted that they will not initiate a criminal investigation after the return of part of the tokens

15.10.2022 - 08:15

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What’s new? The Mango Markets community voted to make a deal with the hacker who stole $114 million from the DeFi protocol. The hacker was asked to return $67 million in cryptocurrency and keep the remaining $47 million as a reward for the bug discovered. The management of the platform assured that it will not initiate a criminal investigation in this case.

Voting on Mango Market

How did events develop? Immediately after the exploit, the platform’s representatives began investigating the incident and took steps to freeze the stolen and withdrawn funds by the third party. The platform’s depositing feature was temporarily disabled for security purposes.

Mango Market is a Solana-based trading and lending DeFi platform. The exploit was done by manipulating the price of Mango Market’s native token, MNGO. The increase in the value of the MNGO collateral allowed the hacker to borrow and withdraw funds from the protocol. The hack became the sixth largest DeFi exploit in history, behind the $130 million Cream Finance hack. As of October 15, 08:10 UTC, MNGO is trading at $0,027, having gained 9,1% in 24 hours, according to CoinGecko.

On October 7, hackers withdrew more than $100 million in cryptocurrency from the BNB Chain blockchain. They exploited the vulnerability of the BSC Token Hub cross-chain bridge and were able to conduct a double-spending attack.

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