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Mango Markets is the latest decentralized finance (DeFi) platform to come under attack.
Mango, a decentralized financial platform hosted at Solana Blockchain announced hours ago that it had been exploited.
The development team revealed that the attackers stole $100 million from the protocol by manipulating Oracle’s prices.
– The net value extracted by the account was worth about $100 million at the time
– At 02:37 UTC on October 12th, the Mango program’s instructions were frozen, preventing users from further manipulation of the protocol.
Mango (@mangomarkets) October 12, 2022
Mango Markets explained that two USDC-funded accounts have taken oversized positions on MNGO-PERP. The team added that his underlying MNGO/USD price on various exchanges (FTX, Ascendex) has experienced a 5-10x price increase in just a few minutes.
With pricing updates, Switchboard and Pyth oracles have updated their MNGO benchmark price to $0.15+. This further marked off the value of the MNGO-PERP long account from the unrealized gains.
The move allowed accounts to borrow and withdraw BTC (solet), USDT, SOL, mSOL, and USDC from the Mango protocol. This hits the cap on the amount of borrowing available from his $190 million worth of deposits on the platform, Mango Markets added.
Following the attack, Mango Markets informed community members that users who deposited into the protocol could not withdraw their assets. This attack virtually completely depleted all available assets.
The team states that the Mango Decentralized Autonomous Organization (DAO) is currently working to prevent further unnecessary losses, ensure the integrity of Mango Protocol depositors, and restore and rebuild the value of the Mango DAO and protocol. I explained that I was focusing on
At the time of writing, the exfiltrated funds remain on the Solana blockchain. Mango is a decentralized crypto exchange on the Solana blockchain, known for giving users the option to make spot trades and loans.
MNGO, the native token of the Mango platform, Over 43% reduction Within the last 24 hours.
The attack came days after Binance, the world’s leading cryptocurrency exchange. Record cross-chain hacksBinance reportedly lost around $100 million in this exploit.
