There was a new development in the altcoin hack, which had a great impact in the crypto space last week. Mango Markets has approved a proposal that would allow an attacker to retain some of the stolen funds Wednesday. The attacker will retain $47 million of the $113 million stolen and return the rest. Mango Markets will also meet the hacker’s demands. He will pay a debt arising from a separate event. Here are the details…
Refund for $66M altcoin
A proposal has been approved to help Mango Markets survive a recent attack. Mango Markets’ DAO voted in favor of a proposal that would allow the attacker to retain $47 million in stolen funds. This proposal demands that the hacker responsible for Wednesday’s attack return $66 million in various cryptocurrency assets. The hacker initially stole about $113 million from the protocol, meaning they will be allowed to keep $47 million. The affirmative option was marked with 272 million votes for the proposal. 4.6 million votes did not participate in this option. However, the proposal ultimately received an approval rate of 98.5 percent.
The attacker initially promised to partially refund the funds should Mango DAO pay off a debt resulting from a separate event. This demand led to an earlier proposal that was overwhelmingly rejected by 90.4 percent. Today’s alternative proposal would still accomplish the same goal. “By voting on this proposal, Mango token holders agree to pay off the debt with the treasury,” the proposal states. It is stated that the returned funds will be “used to settle all debts remaining in the protocol”.
The proposal primarily sought the submission of certain assets as a gesture of goodwill. The hacker has so far stolen Bitcoin (BTC), Ethereum (ETH), Serum (SRM), FTX Token (FTT), Binance Coin (BNB), STEPN (GMT), Raydium (RAY), Avalanche (AVAX) and $8 million in stolen assets. returned it. The attacker is then expected to give back other tokens. cryptocoin.com As we reported, these tokens include Solana (SOL), Mango (MNGO), USDCoin (USDC) and mSOL. However, these have not yet been sent. Mango Markets also said it would not bring charges against the attacker or freeze any funds.
Biggest bug bounty?
So, $47 million will stay with the hacker because he found the vulnerability in the network. So, there will be a bug bounty. The hacker had manipulated the value of the MNGO native token collateral. He then carried out the attack by taking “big loans” from Mango’s treasury. After draining the funds, the hacker claimed this deal. Meanwhile, users think that the amount that will remain with the hacker is too high.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.