Solana-Primarily based Mango Protocol Suffers 0M+ Exploit

Solana-Primarily based Mango Protocol Suffers $100M+ Exploit

by Jeremy

Mango Markets was sufferer to the newest exploit this week, as crypto can’t appear to flee a fully abhorrent Tuesday. Two exploits lower than in the future aside – and fewer than per week after the BNB Chain exploit that utilized a bridge to create thousands and thousands of latest BNB. One other nine-figure exploit has rocked the crypto sphere, this time with Solana-based Mango Markets. The protocol confronted an enormous drain of funds, over $100M price, after a hacker drained the undertaking by worth manipulation and high-dollar leverage.

Let’s take a look at this newest exploit and what we all know within the early hours.

The Worth, Plus Stress 

We’re recent off the heels of an enormous, six-figure exploit of Binance Bridge that resulted in newly minted tokens within the vary of $500M in worth. Whereas not as high-dollar, information of one other million greenback vulnerability in Ethereum-based Temple DAO is lower than a day outdated. The mixture with now this newest trio in October alone rings one other stark reminder how a lot of a significant problem each sensible contract safety and danger administration are on this house. The Mango Markets lending protocol was one of many prime 5 largest in TVL on the Solana blockchain, in line with information from DefiLlama.

Mango Markets (MNGO) protocol was virtually drained on Tuesday following an exploit. | Supply: MNGO-USD on TradingView.com

Mango Counters, Presents Bounty

Mango Markets has suggested customers to not deposit into the protocol following the exploit, and has requested the hacker to get involved concerning a bug bounty. Critics have emerged with Discord screenshots from earlier this yr that present channel moderators acknowledging considerations about precisely what appeared to have led to Mango’s downfall: large futures bets in opposition to themselves and worth manipulation, successfully making the most of a low-volume buying and selling token.

In the meantime, of their preliminary response, Mango has described the motion as “oracle worth manipulation.”

Featured picture from Pixabay, Charts from TradingView.com
The author of this content material just isn't related or affiliated with any of the events talked about on this article. This isn't monetary recommendation.
This op-ed represents the views of the writer, and should not essentially mirror the views of Bitcoinist. Bitcoinist is an advocate of artistic and monetary freedom alike.



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