Solana DeFi trading platform Mango Markets suffered a $100 million hack.
In the past days, BNB Chain had been hacked worth $100 million. Not long after, another DeFi platform, Mango Markets, was also attacked.
Mango Markets Hacked For $100 Million
In the second $100M DeFi hack this week, Mango Markets lost $100M.
Mango Markets announced in a Twitter post on Tuesday evening that the hacker was able to drain funds from Mango through an oracle price manipulation.
We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation.
We are taking steps to have third parties freeze funds in flight. 1/
— Mango (@mangomarkets) October 11, 2022
The attacker began to move the Mango spot market price, pushing the price to $0.91 and the value of 483 million MNGOs to $423 million. The attacker then took out a $116 million loan, leaving Mango’s treasury with a negative balance of -116.7 million dollars.
Following the attack, Mango Markets said it disabled deposits and took steps to freeze third-party funds.
According to blockchain audit website OtterSec, the attacker temporarily increased the value of their collateral and then took a loan from the Mango treasury. “This is an economic design flaw,” OtterSec founder Robert Chen told Decrypt.
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