The $47M Hacker Bounty to be Approved by the Mango Markets Team

Mango Markets community, a Solana-based Decentralized Finance (DeFi) trading platform has started making plans to concede to the hacker’s request for a $47 million bounty.

Mango Markets Hack Dilemma

Solana-based spot margin and perpetual futures cryptocurrency trading platform Mango Markets suffered a loss of $100 million as a result of an attack earlier in October. 

The incident was reported via Mango’s Twitter page that a hacker was able to withdraw funds through the manipulation of an oracle price. The attacker was able to steal $114 million, causing Mango’s treasury to suffer a net loss of $114.7 million.

The governance of the Mango Markets community has already begun a voting process in favor of the hacker’s offer to return $67 million of the stolen token in various crypto assets and keep the remaining $47 million. The proposal has currently passed about 96.6% yes votes as against 3.4% negative votes.

The report states that support in favor of the proposal means the holders of mango tokens consent to Mango’s treasury paying off the bad debt, waiving any claims they may have against accounts with bad debt, and resolving to stop any criminal investigations or money-freezing actions once the tokens have been returned as previously stated.

So far about 67 million dollars in crypto assets have been returned to the DAO, however, no timeline has been set for when customers can gain access to their funds as stated via Twitter. A fresh Decentralized Autonomous Organization (DAO) vote will occur in the following weeks to state the exact amount and procedures that will be implemented.

Reports on Crypto Hacks in the Digital Space

Hackers have made more than $3 billion in profit in 2022 with 125 hacks so far. According to Chainalysis, 2022 is anticipated to surpass 2021 as the largest year for hacking ever.

According to TheCoinRise, a smart contract bridge exploit that occurred a few days ago caused the native QANX token of QANplatform to lose 90% of its value, costing the company over $1 million.