Another DeFi project has been hacked – the team at the Mango Market lending and trading platform on Solana reported a hack attack that resulted in $114 million worth of assets being stolen.
According to the developers of Mango Market, the attacker managed to manipulate the price of the MANGO token through an attack on the price oracle. Now the platform team is taking “steps to freeze funds on third-party services” and is investigating the incident.
Information security company Hacken reported that the attacker deposited 5 million USDC on the Mango Market. He then opened an “abnormally large” position to buy the token, which caused the price of MANGO to rise by more than 1,000% in just an hour.
This led to an increase in the cost of collateral on the attacker’s account. The hacker then used this collateral to obtain a loan in various coins and tokens from the Mango Market. Thanks to price manipulation, the total value of the borrowed assets amounted to $114 million.
The Mango Markets team has disabled the possibility of deposits on the platform. Also, the developers turned to the hacker with a request to return the stolen funds in exchange for a reward. Interestingly, the attacker’s wallet initially received funds from the FTX cryptocurrency exchange.
The Sovryn DeFi protocol hack was previously reported. Using an exploit of the outdated Sovryn Borrow/Lend protocol, the attacker attacked credit pools and withdrew 211,045 USDT and 44.93 RBTC.
Source: Bits
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