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Scam Alert

Mango Attackers Moved 57.5 Million USDC To A New Address

October 12, 2022 - Around 2 mins mins to read
According to the crypto security firm’s monitoring, $57.5 million USDC was moved to a new address by Mango attackers. The action taken while a governance proposal would pay the attacker $70 million as a bounty to get the hacked assets back.
mango

As was updated in an earlier Coincu News article, on October 11, Defi Mango platform built on Solana experienced a hack with losses amounting to over $100 million.

The cause of the hack was determined to be that the hacker manipulated the Mango collateral, raised the price of the collateral, and received large loans from the Mango treasury.

The attacker recently stipulates that he will return the stolen MSOL, SOL and MNGO if Mango Markets promises to repay the bad debt with USDC available in the coffers worth $70 million. The result of the vote was in favor of the proposal made by the hacker, but the majority of the votes came from the attacker.

In the latest movement, PeckShieldAlert discovered that $57.5 million USDC has been moved to a new address by the miner. Part of the hacker’s ultimatum involved promises not to pursue a criminal investigation or freeze his funds. Mango’s MNGO token is down 40% on the day.

MNGO
24h MNGO price chart. Source: CoinMarketCap

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

Foxy

CoinCu News

Scam Alert

Mango Attackers Moved 57.5 Million USDC To A New Address

According to the crypto security firm’s monitoring, $57.5 million USDC was moved to a new address by Mango attackers. The action taken while a governance proposal would pay the attacker $70 million as a bounty to get the hacked assets back.
mango

As was updated in an earlier Coincu News article, on October 11, Defi Mango platform built on Solana experienced a hack with losses amounting to over $100 million.

The cause of the hack was determined to be that the hacker manipulated the Mango collateral, raised the price of the collateral, and received large loans from the Mango treasury.

The attacker recently stipulates that he will return the stolen MSOL, SOL and MNGO if Mango Markets promises to repay the bad debt with USDC available in the coffers worth $70 million. The result of the vote was in favor of the proposal made by the hacker, but the majority of the votes came from the attacker.

In the latest movement, PeckShieldAlert discovered that $57.5 million USDC has been moved to a new address by the miner. Part of the hacker’s ultimatum involved promises not to pursue a criminal investigation or freeze his funds. Mango’s MNGO token is down 40% on the day.

MNGO
24h MNGO price chart. Source: CoinMarketCap

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

Foxy

CoinCu News

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