Mango Markets Protocol Suffers $100 Million Exploit
The Mango Markets protocol has experienced an exploit that allowed a person or group to get away with around $100m worth of various cryptoassets. Per a Twitter thread from Mango Markets, the exploit was carried out by a person or group funding an account with the stablecoin USDC, and later taking what was described as an “outsized position” the Mango token perpetual futures market (MNGO-PERP). Within a few minutes, the price of the MNGO rose by 5x to 10x on a number on external exchanges, which Mango’s price oracles used as its reference for the MNGO-PERP price. The increased unrealized profit on the account then meant that the same user could borrow and withdraw approximately $100m worth of BTC, USDT, SOL, mSOL and USDC, the team said. The exploit was detected and the Mango Protocol frozen at 02:37 UTC on October 12 to prevent users from taking further actions that could potentially put their funds at risk, the Twitter thread further said. ...