UXD Protocol Given Back Its Tokens From Mango Markets Exploit
UXD Protocol, a decentralized stablecoin protocol on Solana, informed users that all assets lost during the Mango exploit had been restored.
The stablecoin maintains its value by allocating funds to third-party investment schemes, such as lending its USDC stablecoin holdings to generate dividends.
Mango Markets underwent a pricing manipulation attack and lost $114 million in customer deposits, which harmed the project. The protocol was able to retrieve $67 million of the stolen cash through negotiation attempts.
UXD had been denied access to the $19.9 million it had put on Mango Markets. The team stated that now that its assets had been claimed, it would restart full activities.
This involves the creation of a new UXD stablecoin, which had been put on hold owing to losses experienced as a result of the Mango exploit. To resume full operations, the team stated that the asset-liability management module, a component used to handle its different DeFi investments, would need to reset.
On October 20, the Mango Markets team started claims, allowing users, including other Solana projects, to recoup monies stolen during the hack.
Tulip Protocol, a Solana-based yield aggregator, has also claimed and recovered $2.5 million in assets placed on Mango Markets on behalf of its subscribers.
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
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DeFi
UXD Protocol Given Back Its Tokens From Mango Markets Exploit
UXD Protocol, a decentralized stablecoin protocol on Solana, informed users that all assets lost during the Mango exploit had been restored.
The stablecoin maintains its value by allocating funds to third-party investment schemes, such as lending its USDC stablecoin holdings to generate dividends.
Mango Markets underwent a pricing manipulation attack and lost $114 million in customer deposits, which harmed the project. The protocol was able to retrieve $67 million of the stolen cash through negotiation attempts.
UXD had been denied access to the $19.9 million it had put on Mango Markets. The team stated that now that its assets had been claimed, it would restart full activities.
This involves the creation of a new UXD stablecoin, which had been put on hold owing to losses experienced as a result of the Mango exploit. To resume full operations, the team stated that the asset-liability management module, a component used to handle its different DeFi investments, would need to reset.
On October 20, the Mango Markets team started claims, allowing users, including other Solana projects, to recoup monies stolen during the hack.
Tulip Protocol, a Solana-based yield aggregator, has also claimed and recovered $2.5 million in assets placed on Mango Markets on behalf of its subscribers.
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
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