Solana-Based Defi Protocol Mango Markets Loses $117 Million in Hack, Exploit Allegedly Revealed in Project’s Discord in March

According to assorted reports, the Solana-based trading and lending level Mango Markets was hacked arsenic a malicious histrion was capable to siphon $117 cardinal from the protocol. An investigation of the hack published by Certik explains that the attacker manipulated the terms of the project’s autochthonal token mango (MNGO) which allowed them to get $117 cardinal against the exploited collateral.

Mango Markets Hacked for $117 Million, Blockchain Security Firm Summarizes the Attack Vector

On Tuesday, the Solana-based Mango Markets level was hacked for $117 million. The squad tweeted astir the contented astatine 7:36 p.m. (ET) connected October 11. “We are presently investigating an incidental wherever a hacker was capable to drain funds from Mango via an oracle terms manipulation,” the Mango Market’s Twitter relationship detailed. “We are taking steps to person 3rd parties frost funds successful flight. We volition beryllium disabling deposits connected the beforehand extremity arsenic a precaution, and volition support you updated arsenic the concern evolves.”

The blockchain information and auditing steadfast Certik summarized the Mango Market hack successful a station mortem and the squad explained that the hacker was capable to manipulate the token mango (MNGO). “The attacker utilized 2 addresses to manipulate the terms of MNGO – Mango’s autochthonal token and collateral plus – from $0.038 to a highest of $0.91,” Certik explained successful a enactment sent to Bitcoin.com News. “This allowed them to get heavy against their $MNGO collateral, which they did truthful to the tune of astir $117 million, though this fig is fluctuating owed to the prices of affected tokens reacting to the news.”

#CertiKSkynetAlert 🚨

On October 11, 2022 astatine 11:19 PM UTC, Mango Market was attacked for a full nonaccomplishment of astir ~$116M.

The attacker was capable to manipulate the terms of the MNGO token and exploitatively borrowed much assets than what they were expected to beryllium capable to.

🧵… pic.twitter.com/HSIUsPYyA4

— CertiK Alert (@CertiKAlert) October 12, 2022

According to the blockchain information steadfast Hacken, the hacker started with astir $5 cardinal successful USDC to execute the goals. The authoritative Mango Market Twitter relationship confirmed that 2 accounts funded with USDC took retired a monolithic agelong presumption successful “MNGO-PERP.” “Underlying MNGO/USD prices connected assorted exchanges (FTX, Ascendex) experienced a 5-10x terms summation successful a substance of minutes,” Mango said. Mango further added that nary oracle providers were astatine responsibility for the incident. The squad stressed:

We privation to clarify and adhd notation present that neither oracle providers person immoderate responsibility here. The oracle terms reporting worked arsenic it should have.

Meanwhile, the blockchain information and auditing steadfast Certik has disclosed that the onslaught vector was allegedly known arsenic aboriginal arsenic March 2022. “The vulnerability present stemmed from the bladed liquidity connected the MNGO/USDC market, which was utilized arsenic the terms notation for the MNGO perpetual swap,” Certik’s summary adds. “With lone a fewer cardinal USDC astatine their disposal, the attacker was capable to pump the terms of MNGO by 2,394%. This nonstop onslaught vector was apparently raised successful Mango’s Discord transmission backmost successful March of this year,” the Certik post-mortem concludes.

What bash you deliberation astir the Mango Markets exploit? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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