$100M drained from Solana DeFi platform Mango Markets, token plunges 52%
The platform’s treasury was drained of over $100 million worth of cryptocurrency after an attacker manipulated price data of its native token to take out loans against their holdings. Solana (SOL) based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them to take out under-collateralized cryptocurrency loans.The exploit was first identified by blockchain security firm OtterSec which tweeted the exchange had been drained of over $100 million due to the attacker....
Related News
Mango Markets was victim to the latest exploit this week, as crypto cannot seem to escape an absolutely abhorrent Tuesday. Two exploits less than one day apart – and less than a week after the BNB Chain exploit that utilized a bridge to create millions of new BNB. Another nine-figure exploit has rocked the crypto sphere, this time with Solana-based Mango Markets. The protocol faced a massive drain of funds, over $100M worth, after a hacker drained the project through price manipulation and high-dollar leverage. Let’s look at this latest exploit and what we know in the early....
Mango Markets, a decentralized trading platform on the Solana blockchain, has become “ripe for harvest” when it fell victim to hackers who stole more than $100 million from the platform, Fortune reported Wednesday. The hack looked to be the consequence of a price manipulation on Mango Market’s native MNGO token, according to a tweet from […]
According to various reports, the Solana-based trading and lending platform Mango Markets was hacked as a malicious actor was able to siphon $117 million from the protocol. An analysis of the hack published by Certik explains that the attacker manipulated the price of the project’s native token mango (MNGO) which allowed them to borrow $117 million against the exploited collateral. Mango Markets Hacked for $117 Million, Blockchain Security Firm Summarizes the Attack Vector On Tuesday, the Solana-based Mango Markets platform was hacked for $117 million. The team tweeted about the issue at....
An attacker took advantage of low liquidity to steal over $116 million from Mango Markets. It would seem that the hackers used an “oracle price manipulation” tactic in the exploit on the Solana-based DeFi network, as indicated by a tweet sent by the official account for the Mango cryptocurrency exchange.In mid-October, traders took advantage of a vulnerability in the decentralized finance (DeFi) trading platform Mango Markets and stole more than $110 million worth of cryptocurrencies off the network. We are currently investigating an incident where a hacker was able to drain funds from....
The Solana DeFi protocol suffered a $117 million exploit on Oct. 11, and the hacker wants 70M USDC in "bug bounty." On Wednesday, one day after $117 million was drained from Solana DeFi platform Mango Markets via a price feed exploit, the hacker responsible for the attack demanded a settlement. The proposal was filed on the Mango Markets decentralized autonomous organization (DAO) governance forum. If passed, the procedure would involve the hacker sending stolen Mango Markets (MNGO), Solana (SOL), and Marinade Staked SOL tokens to an address provided by the Mango DAO team. Users without....