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Mango Markets hacker proposes steep settlement

Mango Markets hacker proposes steep settlement

Mango Markets hacker proposes steep settlement

The Solana DeFi protocol suffered a $117 million exploit on Oct. 11, and the hacker wants 70 million USDC for a “bug bounty.”

On Oct. 12, a day after $117 million was mined from Solana’s DeFi platform Mango Markets via a price feed exploit, the hacker responsible for the attack demanded a settlement. The proposal was submitted to the decentralized autonomous organization Mango Markets (DAO).) Governance Forum. If approved, the procedure would involve the hacker sending stolen MNGO, SOL, and Marinade Staked SOL tokens to an address provided by the Mango DAO team. Users with no bad debts are fully recovered.

However, the hacker requires that any bad debt be treated as a bug premium and insurance to be paid through the community treasury in the amount of $70 million in coins or $70 million.

Adding insult to injury, the hacker has voted for this proposal using millions of tokens stolen from the exploit. However, the proposal does not have the required quorum to pass. In exchange for the settlement, the hacker requests that users who vote in favor of the proposal agree to pay the bounty, pay off the bad debt with the treasury, waive any potential claims against accounts with bad debt and not pursue any criminal investigations or the freezing of funds.

Despite the tragic performance, losses may be lower than previously estimated. For example, the Solana stablecoin UXD protocol indicated that it had $20 million in total exposure to Mango Markets. However, his insurance fund contains more than $53.5 million in assets and would be more than enough to cover the losses. Voting on the hacker’s proposal is open at the time of publication.

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