Monday, December 4, 2023

Mango Markets to Seal Deal with Hacker to Keep $47 million as Bug Bounty.

The Mango Markets community has accepted the hacker’s proposal wherein the hacker gets to keep the $47 million as a bug bounty. The platform suffered a $117 million exploit on October 11.

The hacker initially proposed that $67 million of the stolen tokens will be returned through the DAO’s governance forum to avoid a criminal investigation and pay off bad debt. The bad debt highlighted by the hacker resulted from a bailout executed by Mango Markets and Solana platform Solend in June. In the proposal, the hacker asked the platform to use the 70 million USDC in its treasury to pay off this bad debt.

But Mango Markets in a counter-proposal asked the hacker to return the platform based on an agreement with the DAO, including SOL, BTC, SRM, ETH, FTT, BNB, GMT, RAY, AVAX, MNGO, and 10,000,000 USDC. Mango Markets wanted the hacker to send most of the funds to a wallet owned by the Mango Upgrade Council. It also proposed for the remaining assets to be sent within 12 hours once the vote is complete and passes.

Mango Markets will not pursue criminal investigations or freeze funds once the tokens are returned. So far, the proposal has garnered 119,821,720 (96.3%) “YES” votes and 4,601,240 (3.7%) “NO” votes. The platform said it computed every account’s equity in USDC and plans to reimburse as much as it can using the DAO treasury and whatever tokens its able to recover.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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