Solana DeFi trading platform Mango Marketswas hacked for $100 million.
In the past days BNB Chain was hacked worth $100 million. Not long after, another DeFi platform, Mango Markets, was also attacked.
Mango Markets Hacked For $100 Million
In the second $100M DeFi hack this week, Mango Markets lost $100M.
Mango Markets announced in a Twitter post on Tuesday evening that the hacker was able to drain funds from Mango through an oracle price manipulation.
We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation.
We are taking steps to have third parties freeze funds in flight. 1/
— Mango (@mangomarkets) October 11, 2022
The attacker began to move the Mango spot market price, pushing the price to $0.91 and the value of 483 million MNGOs to $423 million. The attacker then took out a $116 million loan, leaving Mango’s treasury with a negative balance of -116.7 million dollars.
After the attack Mango Marketssaid it was disabling deposits and taking steps to freeze third-party funds.
Blockchain audit website OtterSec According to , the attacker temporarily increased the value of their collateral and then took a loan from the Mango treasury. Founder of OtterSec Robert Chen“This is an economic design flaw,” he told Decrypt.
