Hacker Attack on Solana-Based Platform: $100 Million Lost!

a hacker, Left (LEFT) He stole $100 million from Mango Markets, an on-demand trading and lending platform.

Hacker Steals $100M By Manipulating MANGO Altcoin Price

According to Mango Markets’ tweet, the attack was the result of manipulation of the price of Mango Market’s native MANGO token through an oracle price manipulation attack.

The platform said it was investigating and taking steps to “freeze funds in motion by third parties.”

We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation.

We are taking steps to have third parties freeze funds in flight. one/

— Mango (@mangomarkets) October 11, 2022

According to Blockchain security firm Hacken on Twitter, the attacker first deposited $5 million in USDC on the platform and then opened an abnormally large long position.

This caused the token price to increase by nearly 1000% in less than an hour and also increased the collateral value of the attacker’s account.

The attacker then used this manipulated margin value in his account to borrow a large debt position across multiple coins on Mango Market’s borrowing and lending platform.

According to Hacken, as the token price and collateral are manipulated much higher, various altcoins They were able to borrow and steal about 114 million dollars.

According to the price feed of Mango Market, the price of the MANGO token dropped by about 30% after the attack.

Mango said it has disabled front-end deposits to prevent users from using its platform. It also sent a statement to the attacker, whose wallet was funded from an FTX exchange account, to contact them regarding a reward for returning the funds.

*Not investment advice.