In The Hack That Shook The Market, These 11 Altcoins Are Refundable!

There was a new development in the altcoin hack, which had a great impact in the crypto space last week. Mango Markets has approved a proposal that would allow an attacker to retain some of the stolen funds Wednesday. The attacker will retain $47 million of the $113 million stolen and return the rest. Mango Markets will also meet the hacker’s demands. He will pay a debt arising from a separate event. Here are the details…

Refund for $66M altcoin

A proposal has been approved to help Mango Markets survive a recent attack. Mango Markets’ DAO voted in favor of a proposal that would allow the attacker to retain $47 million in stolen funds. This proposal demands that the hacker responsible for Wednesday’s attack return $66 million in various cryptocurrency assets. The hacker initially stole about $113 million from the protocol, meaning they will be allowed to keep $47 million. The affirmative option was marked with 272 million votes for the proposal. 4.6 million votes did not participate in this option. However, the proposal ultimately received an approval rate of 98.5 percent.

The attacker initially promised to partially refund the funds should Mango DAO pay off a debt resulting from a separate event. This demand led to an earlier proposal that was overwhelmingly rejected by 90.4 percent. Today’s alternative proposal would still accomplish the same goal. “By voting on this proposal, Mango token holders agree to pay off the debt with the treasury,” the proposal states. It is stated that the returned funds will be “used to settle all debts remaining in the protocol”.

The proposal primarily sought the submission of certain assets as a gesture of goodwill. The hacker has so far stolen Bitcoin (BTC), Ethereum (ETH), Serum (SRM), FTX Token (FTT), Binance Coin (BNB), STEPN (GMT), Raydium (RAY), Avalanche (AVAX) and $8 million in stolen assets. returned it. The attacker is then expected to give back other tokens. cryptocoin.com As we reported, these tokens include Solana (SOL), Mango (MNGO), USDCoin (USDC) and mSOL. However, these have not yet been sent. Mango Markets also said it would not bring charges against the attacker or freeze any funds.

Biggest bug bounty?

So, $47 million will stay with the hacker because he found the vulnerability in the network. So, there will be a bug bounty. The hacker had manipulated the value of the MNGO native token collateral. He then carried out the attack by taking “big loans” from Mango’s treasury. After draining the funds, the hacker claimed this deal. Meanwhile, users think that the amount that will remain with the hacker is too high.