Solana-based DeFi platform Mango Markets suffered a hack, resulting in over $100 million in bad debt.
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Solana-based DeFi platform Mango Markets suffered a hack, resulting in over $100 million in bad debt.
Mango Markets, a DeFi platform in the Solana ecosystem, appears to have suffered a hacker attack resulting in over $100 million in bad debt. On-chain data shows that someone deposited $5 million worth of USDC ten minutes before the "actual attack," then opened massive futures positions. The platform's token MNGO surged approximately 10x within an hour before retracing. The attacker then used these futures positions as collateral to borrow large amounts of assets including over $54 million in USDC, as well as SOL and USDT, accumulating more than $117 million in total value. Developer Foo
Navigating Web3 tides with focused insightsTechFlow news — According to a tweet from blockchain auditor OtterSec, Solana-based DeFi platform Mango Markets appears to have suffered a hack resulting in over $100 million in bad debt. On-chain data shows that someone deposited $5 million worth of USDC ten minutes before the "actual attack," then opened massive futures positions, causing the platform's token MNGO to surge sharply in price. The attacker then used these futures positions as collateral to borrow large amounts of assets including over $54 million in USDC, as well as SOL and USDT, totaling more than $117 million. Developer Foobar stated this appears to be an oracle manipulation attack, where the attacker briefly inflated the value of their collateral, borrowed substantial debt positions, and left behind mostly worthless collateral.
Mango Markets tweeted that they are currently investigating an incident where a hacker exploited manipulated oracle prices to withdraw funds from Mango, and are taking steps to have third parties freeze liquidity.
