Mango Markets Attacker Revealed, Arrogantly Claims All His Actions Are Legal
The Mango Markets attacker’s portrait has been revealed. True to a recent allegation, the attacker was Avraham Eisenberg. Eisenberg called the exploit a “profitable trading strategy” and said his actions were legal. He has returned the funds, in accordance with the governance vote.
In an official post by Avraham Eisenberg on Twitter, he admitted that he was the one who carried out the $114 million hack of Mango Markets on October 11.
Avraham Eisenberg said last week I joined a group working on “highly profitable trading strategies“. He argues that open market actions are legitimate, even if the development team did not fully anticipate all the consequences of setting parameters in this way.
“I was involved with a team that operated a highly profitable trading strategy last week,(…).I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.”
Additionally, he declined to comment on the size of his team. Reportedly, Avraham Eisenberg invested a total of $10 million, and subsequently earned $114 million from Mango Markets.
This “trade” tripled the price of Mango Token from $0.30 to $0.91 by manipulating the oracle price. This increases the value of the collateral, allowing Eisenberg and his team to borrow more money from the protocol.
As mentioned in an earlier Coincu News article, on October 13, an article was shared by the community that provided some evidence connecting Eisenberg to the attack. Evidence includes leaked screenshots of Discord chats depicting the planned attack as well as suspicious chain activities following the incident.
The article also alleges that this is not the first time Eisenberg has been linked to a DeFi exploit. Earlier this year, he allegedly defrauded FortressDAO investors out of $14 million.
As Eisenberg argues, his mining is nothing more than automatic debt forgiveness on exchanges. Thanks to that action all users will be able to fully access their deposit without losing money.
“This is similar to how auto deleveraging works on exchanges such as Binance and Bitmex, clawing back some profits from profitable traders in order to ensure all users funds are protected.”
He said
The Mango community voted yesterday to allow Eisenberg to keep $47 million while returning the remaining $67 million to the project. According to on-chain data, Eisenberg returned approximately $8 million worth of tokens shortly after the voting began. The remaining funds have now been returned to Mango Markets (Solana and the online chain on Ethereum), consisting of $48 million SOL, $10 million USDC, and $90K GMT.
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
Author
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Mango Markets Attacker Revealed, Arrogantly Claims All His Actions Are Legal
The Mango Markets attacker’s portrait has been revealed. True to a recent allegation, the attacker was Avraham Eisenberg. Eisenberg called the exploit a “profitable trading strategy” and said his actions were legal. He has returned the funds, in accordance with the governance vote.
In an official post by Avraham Eisenberg on Twitter, he admitted that he was the one who carried out the $114 million hack of Mango Markets on October 11.
Avraham Eisenberg said last week I joined a group working on “highly profitable trading strategies“. He argues that open market actions are legitimate, even if the development team did not fully anticipate all the consequences of setting parameters in this way.
“I was involved with a team that operated a highly profitable trading strategy last week,(…).I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.”
Additionally, he declined to comment on the size of his team. Reportedly, Avraham Eisenberg invested a total of $10 million, and subsequently earned $114 million from Mango Markets.
This “trade” tripled the price of Mango Token from $0.30 to $0.91 by manipulating the oracle price. This increases the value of the collateral, allowing Eisenberg and his team to borrow more money from the protocol.
As mentioned in an earlier Coincu News article, on October 13, an article was shared by the community that provided some evidence connecting Eisenberg to the attack. Evidence includes leaked screenshots of Discord chats depicting the planned attack as well as suspicious chain activities following the incident.
The article also alleges that this is not the first time Eisenberg has been linked to a DeFi exploit. Earlier this year, he allegedly defrauded FortressDAO investors out of $14 million.
As Eisenberg argues, his mining is nothing more than automatic debt forgiveness on exchanges. Thanks to that action all users will be able to fully access their deposit without losing money.
“This is similar to how auto deleveraging works on exchanges such as Binance and Bitmex, clawing back some profits from profitable traders in order to ensure all users funds are protected.”
He said
The Mango community voted yesterday to allow Eisenberg to keep $47 million while returning the remaining $67 million to the project. According to on-chain data, Eisenberg returned approximately $8 million worth of tokens shortly after the voting began. The remaining funds have now been returned to Mango Markets (Solana and the online chain on Ethereum), consisting of $48 million SOL, $10 million USDC, and $90K GMT.
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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