Mango Markets Drained of $100 Million in Hacker's Attack

Following last week’s Binance Smart Chain hack, another DeFi platform was now hit. This time, the Solana-based trading platform for perpetual futures and spot margin trading, Mango Markets, was the target of the exploit, with the attacker taking off with $100 million.

According to the blockchain security firm OtherSec, the hack was carried out by manipulating the oracle price. The attacker temporarily increased the value of Mango’s collateral and then loaned assets including USDC, BTC, and SOL, eliminating the platform’s liquidity in the process.

So far, Mango Markets has halted deposits and is in the process of freezing third-party funds. The DeFi platform is offering the attacker a reward for discovering this vulnerability should he return the stolen funds.

#defi platforms

#hackers attack

#Mango Markets

Maksym Prykhodko
Crypto Expert

Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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Mango Markets Drained of $100 Million in Hacker’s Attack

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