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Mango Markets has proposed a plan to pay victims of hacking

Posted on December 1, 2022December 12, 2022 By mof2018

The team of the Mango Markets trading and credit DeFi platform based on Solana has put to the vote a proposal to pay compensation to users affected by the attack for $116 million. This is written by The Block.

DAO participants will have 72 hours from the moment the plan is published in Discord to vote.

If approved, hacking victims will be able to count on a refund of the amount they had an hour before the incident (a total of $ 114 million).

The platform will use a snapshot as of October 11, 16:19 (ET). On its basis, all borrowed funds will be calculated, and profit and loss will be converted into US dollars.

Mango Markets will then check each token it has in the Treasury, in order from smallest to largest, and return the borrowed amounts in the designated order. The price of assets paid to users will be used to calculate their total repayment.

Such an algorithm will limit the impact of prices and volatility for users. The MANGO token will be paid last, since its price has changed significantly since the snapshot.

Mango Markets co-founder Duffy Durairaj noted that the proposed plan is focused on minimizing the difference between the tokens that users had before the attack and the coins they will receive.

On October 15, a certain Abraham Eisenberg admitted involvement in the hacking. In an interview with The Block, he called himself a digital art dealer, noting that he “did not do anything illegal.

Shortly before that, the Mango Markets community approved a deal with a hacker for $ 47 million. Eisenberg will return $69 million and keep the remaining $47 million as a reward.

According to the agreements, all victims will receive full compensation from treasury funds and will waive any potential claims and criminal cases.

Recall that the Mango Markets hack occurred on October 12.

His reason was called manipulation of oracle prices.

On the same day, the head of the FTX cryptocurrency exchange, Sam Bankman-Fried, commented on the Mango Markets incident. According to him, it was not the incorrect operation of price oracles that allowed the attacker to withdraw funds, but the shortcomings of the risk assessment system.

October was a record for the volume of cryptocurrencies stolen by hackers in 2022, according to Chainalysis. Since October 1, DeFi protocols have lost $718 million as a result of 11 attacks.

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