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Mango Markets Community Agrees $47 Million Bounty Deal With Hacker

October 15, 2022 - Around 2 mins mins to read
The Mango Markets community is overwhelmingly in favor of reaching an agreement with the hacker who stole $114 million via the company’s DeFi protocol.
Mango Markets Community Agrees $47 Million Bounty Deal With Hacker

According to the terms of the proposed transaction, the hacker will return around $67 million of the tokens while keeping the remaining $47 million as a bug reward. The governance vote further stipulates that once the percentage of tokens is repaid, the project will utilize treasury cash to write off any outstanding bad debt and will not pursue criminal investigations.

It should be noted that the hacker spent $10 million on the assault, which might be subtracted from the effective bounty.

In the governance vote, 473 million tokens voted in favor of the agreement, while 16.6 million voted against it. The vote has reached quorum, which means it will almost certainly pass when it concludes early on October 15.

Mango Markets Community Agrees $47 Million Bounty Deal With Hacker

The Mango Markets team initiated this governance vote, and the hacker does not appear to have voted on it from the primary wallets linked with the incident. Prior to this vote, the hacker generated a governance vote and voted on it using 33 million stolen tokens.

According to the agreement, the hacker would also return some of the tokens immediately after the voting opened as a display of good faith. According to on-chain statistics, those tokens, which are valued little under $8 million, have been returned.

On Solana, Mango Markets is a trading and financing platform. Manipulation of the price of Mango Markets native MANGO token resulted in the exploit. This was accomplished through the manipulation of blockchain oracles, which supply token price data to blockchains.

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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Harold

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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.