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Solana: Mango Markets loses $100M in hack

Mango Markets, a Solana-based decentralised finance (DeFi) protocol, has been hacked in the current attack. According to the details, the attacker was able to steal more than $100 million via the DeFi protocol.

According to OtterSec, a blockchain auditing website, the attacker obtained a huge number of loans from the Mango Treasury by manipulating the DeFi protocol’s collateral. As a result, the Mango Treasury suffered a tremendous loss of funds.

Mago Markets is a DeFi platform based in Solana that trades digital assets for spot margin and perpetual futures. Mango Markets’ overall governance is managed by Mango’s decentralised autonomous organisation (DAO). The DeFi protocol took immediate notice of the situation, noting:

“We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation. We are taking steps to have third parties freeze funds in flight. We will be disabling deposits on the front end as a precaution and will keep you updated as the situation evolves.”

Mango Markets has requested that no new deposits be made until the matter is resolved. Furthermore, it is contacting the attacker in order to recover the payments while also giving a bug bounty.

The Head of Derivatives at Genesis Global Trading, Joshua Lim, has offered more information on how the hacker planned the hack. He claims:

Attacker financed account A (CQvKS…) with 5mm USDC collateral at 6:19 PM ET. The assailant then placed an order for 483mm units of MNGO perps. Attacker financed account B (4ND8F…) at 6:24 PM ET with $5,000,000 USDC in collateral to purchase those 483,000,000 units of MNGO perps at a cost of $0.0382 per unit.

Attackers began to influence the price of MNGO spot mkt at 6:26 PM ET, and it traded as high as $0.91. A loan of $116 million was then obtained by the assailant, leaving Mango’s treasury with a negative balance of -116.7 million. USDC, MSOL, SOL, BTC, USDT, SRM, and MNGO were among the assets drained, completely eradicating Mango’s liquidity.

Mango Markets responds by stating that it has disabled deposits and is moving to get third-party monies frozen.

When a Twitter user pointed out that the attacker had received 5.5 million from FTX, CEO Sam Bankman-Fried replied that the company is looking into it.

In exchange for restoring the monies that were taken, Mango Markets has offered the attacker the opportunity to receive a bug bounty.

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