The cryptocurrency sector is repeatedly experiencing new crypto hacks and scams.
The Solana-based Mango Markets trading platform has been the latest victim of a cryptocurrency hack, which has resulted in the platform losing funds worth more than $100 million.
The trading platform tweeted that a hacker was able to illegally syphon away funds from Mango Markets via oracle price manipulation.
Mango Markets exploited for $100 million
Solana-based Mango Markets trading platform was recently drained of $100 million.
Earlier this week, Binance Chain was also exploited by a hacker who was able to syphon away $566 million in BNB.
Ottersec, a blockchain analytics platform, tweeted on the Mango Markets hack. It seems the hacker purposefully changed the value of Mango Market's collateral and afterwards borrowed money from the platform's treasury.
The Mango Markets team was quick to address the strange online activity that was recorded on its servers and issued an advisory notice on Twitter. Mango Markets tried to freeze the hacker's stolen funds in an attempt to stop them.
Another blockchain analytic firm, Certik, summarised the entire hacking incident via Twitter, adding that the hacker was able to temporarily drive the price of the Mango token up from $0.038 to a staggering value of $0.91.
The token price manipulation enabled the hackers to borrow massive loans against their MNGO collateral.
Mango Market hacker proposes a new settlement in exchange for stolen funds
The hacker behind the Mango Markets exploit has come forward and has proposed a new settlement in exchange for stolen funds.
The mysterious hacker submitted a proposal on Mango's governance platform, adding that they want Mango Market's treasury to utilise its $70 million USDC to repay bad debt within the protocol.
If the treasury agrees to the hacker's ultimatum, the hacker will return the stolen MSOL, SOL, and MNGO tokens to Mango Markets.
From the proposal:
The mango treasury has about 70 million USDC available to repay bad debt. I propose the following. If this proposal passes, I will send the MSOL, SOL, and MNGO in this account to an address announced by the mango team. " The proposal further states
In response to the ongoing exploit, the MNGO token has plunged 38% in the last 36 hours.
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