DeFi

Mango Markets Will Return Stolen Funds After Being Exploited

Mango Markets, the decentralized crypto exchange (DEX) that was hacked earlier this month, will soon begin recovering cash taken during the $114 million hack.

Mango Markets Will Return Stolen Funds After Being Exploited 2

Mango Markets previously stated that its decentralized autonomous organization (DAO), which is owned and administered by its members without any central leadership, will vote on how to refund the cash to users.

Mango Labs co-founder, Daffy Durairaj, said in a tweet:

By manipulating the price of the DEX’s native token MNGO, a group of exploiters emptied the market of $114 million in cryptocurrency.

DEXs, like Mango Markets, employ smart contracts to match trades between users. Smart contracts are completely decentralized and are not controlled by a single authority, implying that a rogue trader may deploy enough money to exploit weaknesses in any protocol without fear of anybody intervening to prevent the attack.

Avraham Eisenberg, one of the potential exploiters, came out last week and stated that the group had repaid $67 million to the Solana-based exchange.

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Harold

CoinCu News

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.