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Unknown deduced digital assets worth about $ 116 million from the Mango Markets trading and credit platform based on Solana.
The attacker used a deposit of 5 million USDC to manipulate the price of MNGO's native token by opening a large margin in unlimited swaps. Due to the low liquidity in the spot market, the asset price jumped from $ 0.038 to $ 0.91 — by about 2295% on time%.
The increase in the value of collateral in MNGO allowed the hacker to borrow and withdraw funds from the protocol in several coins.
Over the day, the price of MNGO token fell by more than 43% — to $ 0.022 ( CoinGecko ). According to DeFi Llama, the cost of funds blocked in the protocol fell to $ 200.
The Mango team confirmed that the oracle worked « as they should have ».
Recall that in the third quarter of 2022, losses of the Web3 ecosystem from hacks and fraud amounted to $ 428.7 million.
Of the total indicator for hacker attacks, $ 399 million came. Most of the losses were brought by two incidents — with the Nomad cross-protocol ( $ 190 million ) and the Wintermute marketer ( $ 160 million ).
The attacker used a deposit of 5 million USDC to manipulate the price of MNGO's native token by opening a large margin in unlimited swaps. Due to the low liquidity in the spot market, the asset price jumped from $ 0.038 to $ 0.91 — by about 2295% on time%.
The increase in the value of collateral in MNGO allowed the hacker to borrow and withdraw funds from the protocol in several coins.
| « We are currently investigating an incident in which a hacker withdrew funds from Mango by manipulating oracle prices », — the project team wrote. |
Over the day, the price of MNGO token fell by more than 43% — to $ 0.022 ( CoinGecko ). According to DeFi Llama, the cost of funds blocked in the protocol fell to $ 200.
| « It was not an attack by oracle manipulation, but rather a classic pump & dump. The oldest risk in the history of combined lending protocols. The price of MNGO went beyond the legitimate $ 0.3 for a couple of minutes. The oracle worked accurately, just bad risk parameters », — An analyst commented on the incident under the nickname foobar. |
The Mango team confirmed that the oracle worked « as they should have ».
Recall that in the third quarter of 2022, losses of the Web3 ecosystem from hacks and fraud amounted to $ 428.7 million.
Of the total indicator for hacker attacks, $ 399 million came. Most of the losses were brought by two incidents — with the Nomad cross-protocol ( $ 190 million ) and the Wintermute marketer ( $ 160 million ).
