$100,000,000 Emptied From Solana-Based Crypto Trading Platform Mango Markets in DeFi Attack

Mango Markets, a decentralized exchange (DEX) on the Solana (SOL) blockchain, says its attackers have obtained tens of millions of dollars worth of crypto assets following an exploit on the platform.

mango market Claim The attackers allegedly manipulated the price of the utility token Mango (MNGO) within minutes before borrowing or withdrawing approximately $100 million worth of crypto assets.

According to the Solana-based DEX, the attackers funded two accounts with USDC stablecoins and bought oversize positions in derivatives of Mango Markets utility token, MNGO-PERP, to manipulate prices. It was started.

Mango Markets says the price of the utility token has skyrocketed since then, a fact registered by Solana’s on-chain data feed providers Switchboard and Pyth.

As the value of MNGOs exploded, Mango Markets said the attackers borrowed as much as possible using unrealized gains from long positions in utility tokens as collateral. The attacker withdrew its loot in Bitcoin (BTC), Solana (SOL), and USDC and his USDT stablecoins.

Two USDC-funded accounts took oversized positions on MNGO-PERP.

The underlying MNGO/USD price on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in just a few minutes.

This has led Switchboard and Pyth oracles to update their MNGO benchmark price above $0.15.

This further boosted the value of MNGO-PERP long accounts from unrealized gains.

This allowed accounts to borrow and withdraw BTC (solet), USDT, SOL, mSOL and USDC from the Mango protocol.

This hits the maximum amount of borrowing available from the $190 million worth of deposits on the platform.

The net value extracted by the account was worth about $100 million at the time.

the mango market Have been described Its priorities are to prevent further unnecessary losses, ensure that Mango depositors are healthy, and try to save value and rebuild the protocol.

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