• Fri. Sep 29th, 2023



The hacker stole more than $ 100 million with the Defi platform of Mango Markets


Jan 6, 2023

The hacker stole more than $ 100 million with the Defi platform of Mango Markets

The unknown deduced digital assets in the amount of about $ 116 million with the Mango Markets trading and credit DEFI platform based on SOLANA.

The attacker used a deposit in the amount of 5 million USDC for manipulations with the price of a native MNGO token through the opening of a large margin in the unlimited swap. Due to low liquidity in the spot market, the price of the asset shortly jumped from $ 0.038 to $ 0.91-approximately 2295%.

The increase in the cost of the pledge in MNGO allowed the hacker to take and remove the funds in several coins from the protocol.

“At present, we will investigate the incident, as a result of which the hacker withdrew funds from Mango by manipulating the prices of the oracle,” the project team wrote.

During the day, the price of the MNGO token has collapsed by more than 43% – to $ 0.022 (Coingecco). According to https://gagarin.news/news/south-koreas-financial-intelligence-reports-on-16-illegal-foreign-cryptocurrency-firms/ Defi Llama, the cost of the funds blocked in the protocol fell to $ 200.

“It was not an attack by oracle, but rather a classic PUMP&DUMP. The oldest risk in the history of the protocols of the combined lending. MNGO price has gone beyond the legitimate $ 0.3 for a couple of minutes. The oracles worked for sure, just bad risk parameters, ”the analyst under the nickname Foobar commented on the incident.

The Mango team confirmed that the oracles worked “how they should”.

Recall that for the third quarter of 2022, the loss of the Web3 ecosystem from hacks and fraud amounted to $ 428.7 million.

From the general indicator for hacker attacks, $ 399 million. Most of the losses were brought by two incidents-with Nomad cross-protocol ($ 190 million) and the Wintermute market maker ($ 160 million).

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