Solana-hosted DeFi platform Mango exploited for US$100 mln

Susan R. Jones

Mango Marketplaces, a decentralized platform hosted on the Solana blockchain, was exploited for more than US$100 million.

See connected posting: What is the Solana ecosystem and how is it fueling SOL’s stratospheric increase?

Rapid specifics

  • Mango’s token MNGO was severely impacted, dropping 42.9% in the earlier 24 hours to US$.023 as of 11:15 a.m. in Hong Kong, according to info from CoinMarketCap.
  • Blockchain auditor OtterSec noted the exploit through Twitter, declaring: “It seems the attacker was capable to manipulate their Mango collateral. They briefly spiked up their collateral worth, and then took out massive loans from the Mango treasury.” 
  • Mango declared they have been “taking techniques to have third events freeze cash in flight” and would be “disabling deposits on the entrance conclusion as a precaution.”
  • The platform appealed to the exploiter to “please get in touch with [email protected] to focus on a bug bounty.” Mango Markets cofounder Daffy Durairaj also publicly contacted the exploiter, listing his objectives “in order of worth: 1. You are cleared of any wrongdoing 2. You make a healthy earnings 3. All Mango depositors are built complete 4. Mango DAO maintains some treasury to rebuild.”
  • The exploiter posted a governance proposal, promising to return stolen MSOL, SOL and MNGO in exchange for Mango shelling out back “bad debt” applying the USDC in its treasury. 
  • This marks the next US$100 million+ DeFi exploit in the previous 7 days, with the Binance Sensible Chain getting hacked for these kinds of an total previous Thursday.

See similar report: BNB Chain back again on line soon after about $100 mln misplaced in attainable exploit

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