Solana-based trading platform Mango reportedly hit by $115 million exploit

Alexis Juanita

Mango Markets, a decentralized trading platform on the Solana blockchain, looks to be the latest victim of a massive hack within the crypto realm.

On Tuesday evening, Mango noted on Twitter that it’s “currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation,” adding that it’s disabling deposits as a precaution.

Currently, around $117 million appears to have been drained.

Blockchain audit firm OtterSec noted that it looks like  an attacker was able to “manipulate” their collateral on Mango, which in turn let them borrow outsized loans from the platform’s treasury: “They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury,” OtterSec wrote.

Mango has not yet confirmed the cause for the apparent exploit. 

Fortune reached out to Mango and Solana for comment but did not immediately hear back.

This potential exploit is among a string of hacks to hit the crypto ecosystem recently—there were multiple hacks today alone, and last week, a bridge used by crypto exchange Binance was hacked for $100 million.

The Solana ecosystem has had a particularly rough year: The blockchain itself has dealt with multiple outages, degraded performance, and network instability. On Sept. 30, for example, Solana had a major outage that took hours to recover from. Solana-based applications have experienced security issues as well, including the recent $5 million Slope Wallet hack.

Leave a Reply

Next Post

The Ultimate Shopify Store Checklist

Let me share with you how you can optimize your store to increase traffic, retention, and monthly profits! I use this 9 Shopify Store Checklist. 10 years ago, most niches were full of opportunities, and anyone with an online store could pick up on an active audience, start selling, and […]
The Ultimate Shopify Store Checklist

You May Like