Mango Markets Hack Update: Following one of the biggest decentralized finance exploits of the year, the Mango Markets community has voted for one of the biggest crypto “bounties” of all time.
The proposal for the Mango Markets exploiter to return some of the funds in exchange for a hefty reward was passed with almost 97% approval and over 473 million votes.
A record premium of $47 million
Mango Markets bounty stole the crypto market limelight. It has raised some eyebrows among community members as the already doxxed Mango Markets hack could win $47 million. This could possibly be the biggest bounty ever.
On Oct. 14, industry watcher Hsaka suggested that the 10% bug bounty rate currently being offered by Mango Markets needed to be adjusted. “Even if we weigh all of these costs generously (~15 million?), they still add up to about $30 million, or 30% of the total funding,” Hsaka said.
Mango Markets Hack: Inside Job?
Needless to say, many were not impressed with the outcome of the proposal, which was originally made and accepted by the Mango Markets hackers themselves with stolen tokens shortly after the October 12 heist.
Solana-based DeFi trading platform Mango Markets has been minted with $114 million. As BeInCrypto reported at the time, the Mango Markets hacker self-funded a wallet to establish a perpetual futures position, which he then counter-traded to manipulate the MNGO price higher. Then, during the Mango Markets hack, loans were taken to the treasury and liquidity was withdrawn.
The comments on the proposal generally agreed that the MNGO hacker shouldn’t get as much, but they were still in favor of getting something back for themselves.
“As several others have said, we should give him less bounty because he is a criminal who is no longer able to negotiate. He is fined and arrested.”
Crypto sniffer dog “Fatman” commented on Mango Markets soldered exploiter. He bet the hacker would escape arrest.
In a report immediately following the Mango Markets hack, Chris Brunet shared screenshots claiming that the MNGO exploit was Avraham Eisenberg. Eisenberg boasted that he was “investigating a platform that could potentially result in a nine-figure payday” just a week before the Mango Markets exploit.
It remains unclear whether a crime was actually committed. The fact is, the Mango Markets exploit was due to an economic flaw in the design of the protocol. Although clearly those who have lost MNGO funds will not see it that way.
MNGO Price Outlook
Mango Markets native token MNGO price has gained 8% on the day the governance vote reaches quorum. At the time of writing, the MNGO price was trading at $0.025 according to CoinGecko.
Still, MNGO price has fallen 37% since the hack earlier this week when it traded around $0.040. Mango Markets’ native token MNGO price is currently 95% below its September 2021 all-time high of just under $0.500.
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