Solana Mango Was Attacked With Price Manipulation, Losing Over $100 Million

The Solana Mango ecosystem DeFi platform was hacked and lost $114 million. Initial investigation showed that the attackers were able to manipulate the price of its Mango collateral to obtain large loans from the Mango treasury. The platform is still investigating the incident, users need to pay attention before the results are released.

According to the announcement posted on Twitter, Mango Markets confirmed that it has been hacked, whereby crooks have withdrawn a large amount of money from the project by manipulating the price. Mango claims to be contacting relevant parties to track down and prevent this person from dispersing the money. The project has also asked users to stop using the platform until the issue is resolved.

According to the initial investigation reported by Solana Mango on its social media that attackers were able to manipulate its Mango collateral, increase the price of the collateral and and received large loans from the Mango treasury.

Mango Markets stated that it is currently fully investigating the “hacker was able to drain funds from Mango via an oracle price manipulation” incident and is taking steps to allow third parties to freeze liquidity. Users are reminded not to deposit with Mango until the situation becomes clearer.

The list of withdrawn tokens includes $52.8 million USDC; $50.5 million SOL; $5.4 million BTC; $3.2 million USDT; $1.7 million SRM and $14.7 million MNGO.

The price of the MNGO token was then heavily dumped, down 47.4% from the level before the hacker’s “artificial” pump took place.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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