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 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.

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