An attacker spirited away about $100 million from decentralised finance provider Mango by manipulating the price of its token in an exploit that wiped out depositors on the crypto platform. Moneyweb CryptoCurrency
An attacker spirited away about $100 million from decentralised finance provider Mango by manipulating the price of its token in an exploit that wiped out depositors on the crypto platform. The heist began with two accounts funded with the stablecoin USD Coin, the platform said Wednesday on Twitter. The accounts took large positions in Mango perpetual futures, causing the price of the Mango token to spike. The price jump stoked an unrealised profit from the futures.
The Mango incident is “a price manipulation attack” that took advantage of the ability to leverage up positions on the platform, according to BlockSec, a company specialising in crypto security. The perpetrator has posted a proposal on Mango’s governance page that appears to raise the possibility of returning some of the money in return for a bounty. Other conditions include using the service’s treasury to pay off bad debt and not pursuing criminal probes or freezing funds.
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