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.

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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.

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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.

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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.