Hacker Of Mango Markets Will Receive $47 Million Bounty

✍️ 17 October, 2022 - 12:13 👤 Editor: Jakub Motyka

Mango Markets DAO has proposed to pay a hacker $47m as a bug bounty.
It comes after the bad actor demanded that the protocol settle $70M worth of bad debts.

The latest news about cryptos, in our Telegram channel.

Mango market DAO is planning to pay a hacker $47 million as a bug bounty. In a submission that has garnered 119,000 votes, the quorum has reached 96%. It is currently awaiting the governance approval, which could come as early as October 15, 5:30 am EST.

Mango Market was breached on October 12 for $100 million. According to Blockchain security firm, OtterSec, the hacker manipulated the collateral of Mango. As a result, they amassed loans from the blockchain’s treasury.

Specifically, the cybercriminal tampered with the price of MNGO token by taking an outsized position in MNGO-PERP. They then proceeded to counter-trade themselves with other accounts. The USD value of MNGO jumped due to the manipulation.

The Hacker Wants Bad Debts Settled Before Returning The Stolen Funds

Now the fraudster has come up with new demands for the Solana-based network. They are demanding that Mongo developers use $70 million from its treasury to settle overdue loans. The bad actor stated that it is a requirement before they can return the loot.

Correspondingly, Mango drafted a proposal on October 14 in compliance with the hacker’s terms. The team suggested that the malicious individuals could return $67 million and have $47 million as a bug bounty.

A specific message written in response to the demands compels the anonymous individual to resend the funds within 12 hours. It added that the scammer should send back cryptos other than USDC, MSOL, MNGO, and SOL to show their willingness to comply.

Solana Designated Wallet Shows A Refund of $8 Million Since The Proposal

A Mango Market wallet created to receive the refund has received $8 million. Since the proposal went live, the blockchain team has committed to settle the $70 million bad debts in question.

Mango is a decentralized cross-margin trading protocol based on Solana. The platform is designed for on-chain margin trading, dApps borrowing & lending markets. It is powered by MNGO token, a governance digital asset for the DAO.

Following the hack, MNGO, is down 40% in the past week, currently trading at $0.02432. On the other hand, SOL is attempting a recovery after an 8% dip in the same period.

More crypto news:

Binance Offers $500 Million To Incentivize Crypto Mining

Author

Recent Posts

Jared Kirui

EN: Jared Kirui is an experienced financial writer with a passion for all things blockchain technology. Previously, he was into stock markets and forex, providing asset managers with top-notch content. With a flair for producing high-quality articles, he started covering crypto news in 2021. He is open-minded, trades for fun, and enjoys sports.

ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.