Hacker managed to drain funds with help of oracle price manipulation
Solana-Based Decentralized Finance Protocol Mango has suffered $100 million hack.
The incident was originally reported by blockchain auditor OtterSec, which were alerted by blockchain developer Tom Geshury. The attacker managed to pull off the hack by manipulating their Mango collateral.
They managed to get a massive loan from Mango Treasury by getting a short-term spike in the value of their collateral.
Mango said that it was investigating the incident in a tweet. The project is currently focused on attempting to freeze the stolen funds by cooperating with relevant third parties.
The protocol has so far disabled deposits on the front end. It also said that it was open to offering a reward for the refund.
The Mango hack marked the second major DeFi incident in the span of a week after Binance’s BNB blockchain was drained of $80 million.
the hacker has spoken
hacker made an offer To try and negotiate for a reward. In his message, the hacker says that Mango Treasury has about 70 million USDC available to repay bad debts. If this proposal is passed, the hacker will send the token to the address announced by the Mango team to cover any remaining debt. The common holder shall agree to pay the bad debts and submit any claim against the bad debt accounts.
Under this proposal, the project is not supposed to pursue any criminal investigations or freezing of funds.
