The crypto lending platform MangoMarkets was hacked as a malicious actor was able to siphon $117 million from the protocol.
Solana-Based Defi Protocol Mango Markets Loses $117 Million in Hack, Exploit Allegedly Revealed in Project’s Discord in March
According to various reports, the Solana-based trading and lending platform Mango Markets was hacked as a malicious actor was able to siphon $117 million from the protocol. An analysis of the hack published by Certik explains that the attacker manipulated the price of the project’s native token mango which allowed them to borrow $117 million against the exploited collateral.On Tuesday, the Solana-based Mango Markets platform was hacked for $117 million.
. “We are taking steps to have third parties freeze funds in flight. We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.”summarized the Mango Market hack in a post mortem and the team explained that the hacker was able to manipulate the token mango . “The attacker used two addresses to manipulate the price of MNGO – Mango’s native token and collateral asset – from $0.038 to a peak of $0.
The attacker was able to manipulate the price of the MNGO token and exploitatively borrowed more assets than what they were supposed to be able to.
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