Mango Market, a Solana-Based Defi Platform, Loses $116 Million to Hacker
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Mango Market is a Solana-based DeFi platform that is a decentralized financial exchange in the blockchain industry. It is built on the Solana blockchain, and it’s also designed for trading spot and futures contracts.
As hackers strike Defi systems, the crypto sector now seems exposed. Following the previous incident in which $100 million from Binance Smart Chain was taken, a hacker targeted Mango Markets and stole $116 million from the exchange. Bitcoin and USD Coins are among the assets taken from the exchange.
Hacker Bargains with Mango Markets
The exchange admitted the risk and pledged to stop further attempts to steal users’ money, while at the same time blaming oracle price manipulation for the incident. The hacker was able to take advantage of his attack by altering the value of his segregated money to trade on the exchange.
A clearer picture of the incident was provided by Joshua Lim. He explained that the hacker traded perpetual futures on the exchange while also manipulating the spot price. The hacker left the exchange with a $116 million negative balance after the attack.
Amid the traumatic event, the hacker finally came out to bargain with the company. Recently, a post was made on the community’s governance platform revealing that the hacker’s proposition is for the company to forgo the $70 million USDC while the remaining balance is returned. As if that was not enough, the hacker further demanded an agreement with the company stating that his account on the exchange would not be closed and a criminal investigation would not be carried out.
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