Forget March Madness, Mango Madness is in season this time of year. The Solana-based lending protocol has been a spectacle like no other this week, and that is certainly saying something considering the amount of shenanigans that cryptocurrencies bring to the table on frequent occasions. Since our first coverage of the Mango exploit that led to a complete drain on the protocol, things have only gotten more twisted and convoluted.
Let’s take a look at how things have developed this week and where things are going for Mango Markets going forward.
A Mango Monstrosity
The Mango exploiter has generally been seen in the crypto community as less of a “hacker” and more of a “manipulator”, if we are blunt. Regardless, things got interesting after Tuesday’s exploit when the attacker initiated a government proposal; that proposal is said to have been closed. However, a later proposal created by Mango Markets (which has already passed, as of Saturday morning) is phrased as a bug bounty for users to be complete, but liquidates Mango with a mere $70 million of its existing balance. of $114 million. That leaves the exploiter with a ‘bug bounty’ of nearly $50 million, a surprisingly large number compared to any previous bug bounty in crypto and one that has drawn a great deal of criticism (look no further than the comments section). of the governance proposal to obtain evidence of this).
The exploiter quickly deployed the MNGO tokens it seized (approximately 30 million tokens) to vote for its own initial proposal, but did not appear to vote on the subsequent and final proposal, which nonetheless closed with a total of 473 million to favor and 16.6. me against Apparently, the exploiter also gained protection through the proposal, as the protocol “will not conduct any criminal investigation or freeze funds once the tokens are returned as described,” according to the language of the proposal.
Mango Markets (MNGO) is looking for stable ground to see if recovery is possible after Tuesday’s exploit. | Source: MNGO-USD on TradingView.com
It’s hard to say where we go from here and how much protection that attacker will actually see. The exploiter has reportedly funded attack accounts with an FTX wallet, and their degree of protection is subject to speculation.
Regardless, even when deducting the initial balance of $10 million that the exploiter put into Mango, the protocol is generally delivering a larger sum than is usually seen in these scenarios, in fact one of the largest in the history of the cryptocurrencies. We’ll see if the protocol can keep the heartbeat alive and silence critics in the long run.
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This post Exploiter could walk away with an unparalleled bug bounty of ~$50 million
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