{"id":53693,"date":"2022-10-12T13:58:34","date_gmt":"2022-10-12T11:58:34","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=53693"},"modified":"2022-10-12T13:58:34","modified_gmt":"2022-10-12T11:58:34","slug":"defi-platform-mango-markets-lose-100-million-in-an-exploit","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/defi-platform-mango-markets-lose-100-million-in-an-exploit\/","title":{"rendered":"DeFi Platform Mango Markets Lose $100 Million in an Exploit"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\"><strong>A Solana-based decentralized finance platform, Mango Markets has been exploited for more than $100 million in a hacking attempt.<\/strong> Early reports suggest that the hacker was able to manipulate price oracle data. <strong>Moreover, hackers took out under-collateralized cryptocurrency loans from the platform.<\/strong> A blockchain security firm was the first to identify the exploit and tweet about it.<\/span><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">However, the Mango Markets team<\/span><strong> tweeted<\/strong><span style=\"font-weight: 400\"> about the incident soon after. <strong>The platform warned users to not deposit any funds until they get more information and details on the matter.<\/strong> Moreover, the platform also asked the hacked to get in touch with them and negotiate for a bounty price.\u00a0 <strong>The team confirmed the manipulation of the price oracle of its native coin, the MNGO token.<\/strong><\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation. <\/p>\n<p>We are taking steps to have third parties freeze funds in flight. 1\/<\/p>\n<p>&mdash; Mango (@mangomarkets) <a href=\"https:\/\/twitter.com\/mangomarkets\/status\/1579979342423396352?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\"><span style=\"font-weight: 400\">Mango Markets Become the Latest DeFi Hacking Victim<\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">According to the details, exploiters made three huge withdrawals from the Mango platform. <strong>About $50 million worth of USDC, more than $26.7 million worth of Marinade Staked SOL (mSOL), and $24 million worth of SOL were drained out of the DeFi platform.<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">More than $14.7 million worth of MNGO tokens were withdrawn and the platform said that it is trying to freeze the funds with the help of third parties. <strong>Due to the hack, the MNGO token lost more than 50% of its value within a day. At the time of writing, the MNGO token is valued at $0.0286.<\/strong><\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-53696\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/Ethical-Hacking-In-50-Universities-Created-Panic-For-Students-In-UK-1.jpg\" alt=\"DeFi Platform Mango Markets Lose $100 Million in an Exploit\" width=\"699\" height=\"300\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">On the other hand, the exploiter later<\/span><strong><a href=\"https:\/\/dao.mango.markets\/dao\/MNGO\/proposal\/3WZ5DpZXDvNAK4JwPS1HDPzSinEJUGpBC4XXx9vPtnVS\" target=\"_blank\" rel=\"noopener\"> posted<\/a><\/strong><span style=\"font-weight: 400\"> on the governance proposal platform of Mango. <strong>The exploiter wants Mango to use its $70 million worth of USDC in the treasury to repay the bad debt within the protocol.<\/strong> Furthermore, the exploiter also asked to not pursue any criminal investigations or freezing of funds once the funds are returned. <strong>About 99.9% of the community has voted in favor of the proposal made by the exploiter.<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">DeFi hacks have been on a high lately. Several reports suggest that there have been three DeFi hacking attempts in the last 24 hours.<strong> These include the attack on Mango Markets, TempleDAO, and the QANplatform.<\/strong> Millions of dollars have been compromised in all of these attacks. Last week, <strong><a href=\"https:\/\/crypto-economy.com\/bnb-smart-chain-resumes-operation-after-100-million-hack\/\" target=\"_blank\" rel=\"noopener\">Binance\u2019s BNB blockchain<\/a><\/strong> was also exploited for $80 million. This shows the vulnerability of DeFi platforms to exploit attacks. It is also a major hindrance to the global adoption of DeFi.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Solana-based decentralized finance platform, Mango Markets has been exploited for more than $100 million in a hacking attempt. Early reports suggest that the hacker was able to manipulate price oracle data. Moreover, hackers took out under-collateralized cryptocurrency loans from the platform. A blockchain security firm was the first to identify the exploit and tweet &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"DeFi Platform Mango Markets Lose $100 Million in an Exploit\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/defi-platform-mango-markets-lose-100-million-in-an-exploit\/#more-53693\" aria-label=\"More on DeFi Platform Mango Markets Lose $100 Million in an Exploit\">Read more<\/a><\/p>\n","protected":false},"author":22,"featured_media":53695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,111,74],"tags":[5287,5502],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/53693"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=53693"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/53693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/53695"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=53693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=53693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=53693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}