- Over $100M is stolen by a hacker from Mango Markets.
- The Mango team blocked deposits soon after the exploit.
- The price of $MNGO has fallen more than 51% in the previous 24 hours.
Derivatives exchange in Solana Manipulating a pricing oracle resulted in a $100 million fraud on Mango. The hack comes a few days after a comparable amount was taken from BNB Chain, one of several in less than a week.
The attacker first deposited $5 million USDC into Mango, after which he placed a number of long positions on perpetual swap contracts known as MNGO-PERP for the platform’s native MNGO coin.
In order for Mango Markets to get their price feed oracles for MNGO-PERP, it appears that the attacker then drove up the price of MNGO on Mango and/or other exchanges.
The attacker then went on to take significant amounts of tokens from the network in relation to the value of their falsely inflated MNGO position, which was now making a huge profit.
$50 million in USDC was the initial withdrawal, followed a few minutes later by withdrawals of $23.9 million in SOL, $26.7 million in MSOL, $5.4 million in BTC, another $2.8 million in USDC, $3.3 million in USDT, $1.7 million in SRM, and $14.8 million in MNGO.
The Mango team blocked deposits on the front-end user interface soon after the exploit to stop future losses to its consumers.
When feasible, they are also attempting to have third parties, most likely the stablecoin firm’s Circle (USDC) and Tether, freeze the stolen assets (USDT).
The company has also urged the trader to get in touch with them through email to explore the possibility of offering a bug reward in exchange for returning most of the money.
Following the revelation of the attack, the price of $MNGO has fallen more than 51% in the previous 24 hours, according to statistics from CoinGecko.
Recommended News :
Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
