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Following the $117 million exploit on October 11th, the Mango Markets community plans to make deals with hackers. To give permission Hackers keep $47 million in bug bounties, according to the Decentralized Finance (DeFI) Protocol Governance Forum.
The proposed terms revealed that $67 million of the stolen tokens would be returned, with $47 million held by the hackers. 98% of his voters, or his 291 million tokens, voted in favor of the deal, and Mango Markets also stipulates that it will not pursue criminal charges in the matter.
A quorum has been reached, so voting will likely take place on October 15th. The proposal states:
Funds sent by you and the mango DAO Ministry of Finance will be used to cover the bad debts remaining in the protocol. Token holders agree to pay off any bad debts, waive any potential claims against the Treasury, and any accounts with bad debts, and, once the tokens are returned as described above, are subject to any criminal investigation or disposition of the funds. It does not pursue freezing.”
On Twitter, community members reacted to the development.
Mango hackers get a $47 million bug bounty.
Biggest crypto bounty ever?
The current bounty rate of 10% of exploited funds should be re-priced. pic.twitter.com/FcHkEbwY7u
Hasaka (@HsakaTrades) October 14, 2022
The proposal has also been questioned in governance forums, as one voter put it.
“I agree 100% that getting funds to users as soon as possible is a top priority, but a $50 million ‘bug bounty’ is ridiculous. At best the abuser will have to recoup the cost ($15 million?) and $10 million, a $10 million white hat bounty offered to her hacker in a $600 million wormhole.Mango is better than this I can negotiate well.
Hackers carried out the attack by manipulating the value of the MNGO’s native token collateral and withdrawing a “massive loan” from Mango’s Treasury. After running out of funds, the hackers demanded a settlement, and Mango made a proposal on Market’s Decentralized Autonomous Organization (DAO) forum, at which point he demanded $70 million.
Additionally, hackers used millions of tokens stolen from the exploit to vote on the proposal. On October 14, the proposal reached the necessary quorum for passage. In exchange for the settlement, the hackers will pay users who voted in favor of the proposal a bounty, pay off their bad debts with the state treasury, waive any potential claims on accounts with bad debts, and open criminal investigations and criminal investigations. request that you agree not to Freeze funds.
