Solana-based DeFi platform Mango was hacked and lost $100 M as a result.
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.
Around 22:00 UTC October 11th the 🥭 protocol had an incident involving the following:— Mango (@mangomarkets) October 12, 2022
-2 accounts funded with USDC took an outsized position in MNGO-PERP
-Underlying MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes
Then, MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes.