A governance proposal seeking to pay up to $47 million to the Mango Markets hacker is set to pass as it reaches an approval quorum of over 96%.

Following the Mango Markets hack on October 12, the hacker submitted a proposal asking the project to use up to $70 million of its treasury to pay off some bad debts. He agreed to return the funds upon meeting their terms.

In response, the project team created a proposal on October 14, seeking to reach an agreement with the hacker. Under the proposal, the hacker will return up to $67 million and keep the remaining $47 million as a bug bounty.

A note to the hacker says:

“Within 12 hours of opening the proposal, you must return assets other than USDC, MSOL, MNGO and SOL as a show of good faith.”

Mango Markets’ designated wallet for the refund has received just $8 million since the proposal was launched about 12 hours ago.

If the hacker keeps his promise, the DAO mango treasury will top up the remaining funds needed to pay off the $70 million bad debt.

According to the Mango team, all deposits will be refunded once the proposal is approved and the hacker returns the funds.

At press time, the proposal has reached a quorum of more than 96%, with 119,000 votes in favour. The proposal is expected to pass on October 15, around 5:30 am EST.

According to data from CryptoSlate, the MNGO token is recovering after rising around 11% in the last 24 hours and trading at $0.02615.

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This post Mango Markets DAO set to approve $47 million reward for hacker

was published first on https://cryptoslate.com/mango-markets-dao-set-to-approve-47-million-bounty-for-hacker/

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