Mango Markets Joins the $100 Million Hack Club

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The Mango markets has been exploited for over $100 million. An attacker drained Mango markets of BTC (sollet), USDT, SOL, mSOL, USDC underneath collateralized loans. The funds are at the moment on the Solana blockchain.

Initially it was assumed that the hacker was in a position to empty funds from the Solana primarily based Mango market through an oracle worth manipulation. However, the Mango crew clarified that oracle suppliers will not be at fault . The oracle worth reporting labored because it ought to have. The Mango crew additional revealed the way it was exploited:

  1. Two accounts funded by USDC took an outsized place in MNGO-PERP.
  2. Underlying MNGO/USD costs on varied exchanges like FTX and Ascendex skilled a 5-10x worth enhance in a matter of minutes.
  3. This led to Switchboard and Pyth oracles updating their MNGO benchmark worth to $0.15+.
  4. This additional precipitated a mark-to-market enhance in the worth of the account that was lengthy MNGO-PERP from the unrealized revenue.
  5. This allowed the account to borrow and withdraw BTC (sollet), USDT, SOL, mSOL, USDC out of the Mango protocol.
  6. This maxed out the borrows accessible from the $190Million equal deposits on the platform.
  7. The web worth extracted by the account was round $100 million equal at the time.

In response to the hack, Mango markets have already disabled deposits and are taking steps to have third-party funds frozen. Major crypto exchanges like Coinbase, Binance, Kraken with sufficient liquidity to money out the funds, have already Blacklisted the hackers account.

Mango Markets has additionally provided the attacker the likelihood to gather a bug bounty in alternate for returning the stolen funds.

This incident has successfully resulted in a complete draining of all fairness accessible. The Mango DAO’s present priorities are:

  • Preventing any additional pointless losses. 
  • To be sure that depositors of the Mango protocol are made entire.
  • To attempt to salvage some worth in Mango DAO and protocol to rebuild from right here.

Compiled by Coinbold

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