The number of hacking attacks in the crypto world is increasing day by day. Finally, one of the victims of this situation was Solana-based DeFi platform Mango Markets. According to blockchain-focused cybersecurity company Hacken, the attacker first transferred $5 million to the platform.
The attacker started moving the Mango spot market price, pushing the price up to $0.91. In addition, the value of 483 million MNGOs saw 423 million dollars. The attacker then took out a $116 million loan, leaving a negative balance of $116.7 million in Mango’s treasury.
Following the attack, Mango Markets said it disabled deposits and took steps to freeze third-party funds.
In addition, after the attack, the local token MANGO lost more than 50 percent of its value.
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