Mango Markets to Approve New Deal With Hacker
- The new deal will see the hacker return roughly $67 million of the stolen tokens, and keep the remaining $47 million as bug bounty.
- Only 10% of the community was in favor of the previous proposal, but the new one has already reached quorum with 119 million tokens in favor.
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The community behind Solana-based DeFi platform Mango Markets is voting heavily in favor of making a deal with the hacker who earlier this week stole roughly $114 million from the platform.
It appears that the hacker’s original resolution proposal has failed to garner support from the Mango Markets community — with only 10% of respondents voting in favor — and the team behind the project has now put a counteroffer to the vote. While there is still some time remaining until voting is closed, “Repay Bad Debt #2” governance vote has already reached quorum — meaning it has gathered enough votes to pass — with 119 million tokens in favor and only 4.6 million against the deal.
Under the terms of the new offer, the hacker will return roughly $67 million of the stolen tokens, and keep the remaining $47 million as bug bounty. The community will also agree to pay off any remaining bad debt — which comes from a bailout Mango and Solend put together for a large Solana whale — using funds from the Mango treasury, and not pursue criminal investigations once the stolen tokens have been returned.
The current governance proposal also asked the hacker to send back some of the tokens — worth roughly $8 million — back to the platform shortly after the vote opens as a “show of good faith”, which according to on-chain data he has already done. The proposal reads:
“Within 12 hours of the proposal opening, you shall send back the assets other than USDC, MSOL, MNGO, and SOL as a show of good faith. The remaining assets shall be sent within 12 hours once the vote is complete and passes.”
Mango Markets’ troubles began on 11 October, when a hacker was able to manipulate blockchain oracles that provide token price data to inflate the value of his MNGO tokens. With this increased collateral value, the hacker then took massive debt positions on Mango, stealing roughly $114 million in tokens.
- Popular Telegram bot Unibot, which is used to snipe trades on Uniswap, became a victim of a token approval exploit earlier today, when it was switching to a new router.
- After confirming the exploit, Unibot assured users that their keys and wallets were safe, and that the project will compensate all affected users.
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- DeFi protocol Balancer confirmed it was exploited almost a week after disclosing a critical vulnerability affecting several of its boosted pools.
- The platform did its best to mitigate some of the risks but was unable to pause the affected pools, and an estimated $980,000 in DAI were stolen in an attack.
- A cyber security incident at bankruptcy service provider Kroll has resulted in the exposure of “non-sensitive” customer data for claimants involved in the FTX and BlockFi cases.
- Both companies confirmed that account passwords, systems, and funds remained safe, but warned customers to be on the lookout for phishing scams.