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DeFi

Mango Markets Attacker Wants To Pay $70 Million Bounty Via Governance Proposal

October 12, 2022 - Around 2 mins mins to read
An exploiter who stole over $100 million from Mango Markets on October 11 proposed a governance proposal that, if approved, would provide them with approximately $70 million in the form of a bounty award.
Mango Markets Attacker Wants To Pay $70 Million Bounty Via Governance Proposal
Mango Markets Attacker Wants To Pay $70 Million Bounty Via Governance Proposal 2

The voting period for the governance plan is currently open and will expire on October 14 at 1:12 a.m. UTC. The attacker has also voted yes on the proposition with their stolen MANGO tokens, which are equal to 0.66% of the entire supply.

https://twitter.com/0xfoobar/status/1579988637835726848

According to the idea, the attacker would return different tokens worth around $50 million at the time of writing. The transfer of that money is conditional on Mango Markets utilizing its remaining $70 million USDC treasury to repay all users who do not have bad debt as well as any outstanding bad debt.

If the proposal is approved, the attacker will be able to keep the remaining monies after paying the difference.

The leftover monies from the first vulnerability that the attacker would keep the amount to around $70 million.

If the request is approved and all commitments are completed, no criminal inquiry or freezing of cash would be permitted against the attacker.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Governance Proposal

hack

Mango

Mango Markets

USDC

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

Mango Markets Attacker Wants To Pay $70 Million Bounty Via Governance Proposal

An exploiter who stole over $100 million from Mango Markets on October 11 proposed a governance proposal that, if approved, would provide them with approximately $70 million in the form of a bounty award.
Mango Markets Attacker Wants To Pay $70 Million Bounty Via Governance Proposal
Mango Markets Attacker Wants To Pay $70 Million Bounty Via Governance Proposal 4

The voting period for the governance plan is currently open and will expire on October 14 at 1:12 a.m. UTC. The attacker has also voted yes on the proposition with their stolen MANGO tokens, which are equal to 0.66% of the entire supply.

https://twitter.com/0xfoobar/status/1579988637835726848

According to the idea, the attacker would return different tokens worth around $50 million at the time of writing. The transfer of that money is conditional on Mango Markets utilizing its remaining $70 million USDC treasury to repay all users who do not have bad debt as well as any outstanding bad debt.

If the proposal is approved, the attacker will be able to keep the remaining monies after paying the difference.

The leftover monies from the first vulnerability that the attacker would keep the amount to around $70 million.

If the request is approved and all commitments are completed, no criminal inquiry or freezing of cash would be permitted against the attacker.

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News