A governance proposal in search of to pay as much as $47 million to the Mango Markets hacker is ready to be accepted because it reaches an approval quorum of over 96%.
Following the Mango Markets hack of Oct. 12, the hacker submitted a proposal asking the challenge to make use of as much as $70 million from its treasury to repay some unhealthy money owed. He agreed to return the funds upon assembly his phrases.
In response, the challenge crew created a proposal on Oct. 14, in search of to come back to phrases with the hacker. As per the proposal, the hacker will return as much as $67 million and hold the remaining $47 million as a bug bounty.
A word to the hacker reads:
“Inside 12 hours of the proposal opening, you shall ship again the property aside from USDC, MSOL, MNGO, and SOL as a present of excellent religion.”
Mango Markets’ designated pockets for the refund has obtained solely $8 million for the reason that proposal launched some 12 hours in the past.
If the hacker makes good on his promise, mango DAO treasury will full the remaining funds wanted to repay the $70 million unhealthy debt.
In keeping with the Mango crew, all deposits will obtain their refunds as soon as the proposal is handed and the hacker returns the funds.
As of press time, the proposal has reached a quorum of over 96%, with 119,000 votes in affirmation. Expectedly, the proposal shall be handed on Oct. 15, at about 5:30 am EST.
In keeping with CryptoSlate information, the MNGO token is recovering having elevated by about 11% within the final 24 hours, and buying and selling at $0.02615.
