Mango DeFi platform lost $100 million due to hacker attacks


The OtterSec blockchain auditor, working closely with Solana developers, issued an official notification of an attack on the Mango DeFi platform operating on this network. Hackers managed by manipulating the service token price to take an inflated loan collateral against MGNO.

After conducting a cycle of such operations, the attackers removed all the liquidity from the pools that provide leverage trading on the Mango platform.

The total damage estimate of $100 million has already been officially confirmed by the developers of the smart contract. The stolen cryptocurrency is still on the Solana blockchain. Attackers could exchange such an amount in a limited number of exchanges that have already added the addresses of the attacked Mango wallets to the "blacklist".

Developers are now busy blocking other ways of exchanging stolen cryptocurrencies. However, the fact that hackers could manipulate the price of MGNO brought down the service token rate by 52%. In fact, the coin has completely depreciated, the total drop from the highs was 99.6%.

The founders of Mango, as well as the OtterSec auditor, have not yet been able to answer the question of exactly how the hackers carried out the attack. The search for the code bug and the technique of manipulating price oracles continues.

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