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Mango Markets Community Approves $47 million Hacker Deal

Posted on December 5, 2022December 12, 2022 By mof2018

The community of the Mango Markets DeFi platform voted in favor of the agreement with the hacker. He will return $69 million and keep the remaining $47 million as a reward.

96.6% of users supported the proposal.

All participants will receive a full refund from treasury funds and will waive any potential claims and criminal cases.

According to The Block, the hacker used $10 million to carry out the attack. Despite this, his remuneration may become one of the largest in the cryptocurrency industry.

Recall that on October 12, an unknown person withdrew digital assets worth about $ 116 million from Mango Markets. The reason for the hack was called manipulation of oracle prices.

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

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