DeFi Platform Mango Hit With $100 M Hack

by in DeFi News

Mango DeFi hack

Solana-based DeFi platform Mango was hacked and lost $100 M as a result.

Related: BNB Chain Gets Back to Normal After a Hack Estimated $100 M

Blockchain audit company OtterSec tweeted that attackers were able to manipulate their Mango collateral. They managed to temporarily spike up their collateral value and take out large loans from the Mango treasury.

According to the tweet, that wasn't a flash loan attack. OtterSec says that the attacker addresses were funded 5.5M via FTX 3.

Hackers manipulated prices across all exchanges, not just Solana oracles. However, it remains unclear how they managed to inflate MANGO's price.

The Mango protocol also announced that they had an incident involving the following: 2 accounts funded by USDC took an outsized position in MNGO-PERP.

Then, MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes.