Mango Markets Hacker Proposes Keeping $70M ‘Inferior Debt’ As Bounty
A unusual proposal on the Mango Markets DAO forum, authored by the hacker that drained $100 million from the protocol, has proposed that every harmful debt on the DeFi platform be extinct to pay a malicious program bounty.
On Oct. 12, the hacker posted a proposal titled “Repay harmful debt” to the Mango DAO, announcing he would ship the stolen MSOL, SOL and MNGO tokens to a wallet deal with belonging to the Mango team. His prerequisites for doing so had been that the Mango team impart the harmful debt within the Mango treasury – around 70 million USDC – to pay him a malicious program bounty as a reward, and that the team agree not to pursue any criminal charges in opposition to him.
“The mango treasury shall be extinct to veil any closing harmful debt within the protocol, and all users without harmful debt shall be made total,” said the attacker, who voted for the proposal with the tokens stolen from the exploit.
On the time of writing, ninety nine% of votes had been in settle on of the proposal passing – but the proposal aloof wants extra than 66 million votes to be passed successfully. A majority of the votes in settle on of the proposal had been made by the hacker himself, the utilization of millions of tokens stolen within the exploit.
Comments on the proposal present that most participants of the Mango community had been not accepting of the hacker’s ultimatum.
“You’re disgusting. What you did is irascible in every manner imaginable. The to blame direct to compose would had been to notify the vulnerability to the team, NOT EXPLOIT IT. I’m hoping the law enforcement community reveals you ZERO MERCY,” wrote one particular person.
On Tuesday, the hacker manipulated the rate of MNGO tokens on the Solana-powered decentralized alternate (DEX). Initially regarded as a manipulation of designate oracle files, it became once later revealed that the hacker did so by taking earnings of the skinny liquidity on the platform.
After the merchants’ actions on crypto exchanges FTX and Ascendex, Mango’s designate oracles Switchboard and Pyth up to this level the benchmark designate of MNGO to above $0.15 as they had been mirrored on the alternate.
“We would like to make clear and add level out here that neither oracle suppliers accept as true with any fault here. The oracle designate reporting labored as it must accept as true with,” said the Mango team in a tweet.
Source credit : unchainedcrypto.com