Solana-based DeFi platform Mango Markets hit by potential $100 million exploit
Data from CoinGecko shows that the price of MNGO token has fallen around 52% over the past 24 hours, as a consequence of the exploit.
Solana-based decentralised finance (DeFi) exchange appears to be exploited by hackers. As per reports, over $100 million funds were drained in the exploit. Headquartered in California, Mango Markets is a space for trading digital assets on Solana blockchain.
What happened?
Around 5:06 AM (IST) the firm took to Twitter to explain that it was investigating a breach where funds were drained by an attacker via oracle price manipulation.
As per tweet by OtterSec, blockchain security audits platform the attacker was able to manipulate the value of the Mango (MNGO) governance token. This temporarily spiked the token's collateral value, and then took out loans from the Mango treasury.
As part of security measures, the firm has disabled deposits and is looking to freeze third-party funds. Data from CoinGecko shows that the price of MNGO token has fallen around 52% over the past 24 hours, as a consequence of the exploit.
Recent hacks
Earlier last week, $100 million was stolen from Binance Smart Chain. In February this year, hackers stole $325 million from the Defi platform Wormhole. The missing funds could not be recouped.
In March, Ronin Network, a platform powering the popular game Axie Infinity was exploited and hackers were able to steal funds worth of $625 million and in June, a hacker stole $100 million from Harmony’s Horizon Bridge.
