Another major crypto hack in less than a week, $100 million stolen

The crypto industry has witnessed another major hack ien less than a week, where a hacker has stolen 100 million dollars from Mango Markets.

The trading and lending platform on the Solana blockchain was exploited after manipulating the price of Mango Market’s original MANGO token via an oracle price manipulation attack.

Mango Markets has confirmed via a chirping that the company is investigating the matter. “We are currently investigating an incident where a hacker was able to siphon money from Mango via oracle price manipulation. We are taking steps to have third parties freeze funds in flight,” the tweet said.

The company also has a disability deposit as a security measure.

“We will be disabling deposits on the front end as a precaution and will keep you updated as the situation develops,” Mango Markets tweeted.

The hacker’s wallet was funded from an FTX exchange account.

According to blockchain security firm Hacken’s tweets, the hacker first opened a huge futures position, which resulted in the MANGO token price pump. It further increased the security value of the hacker’s account and gave access to borrow a large debt position across multiple coins on Mango Market’s borrowing and lending platform.

According to Hacken, the hacker was then able to borrow and steal approximately $114 million across different tokens since the price of the tokens and their security was manipulated much higher.

It is yet to be understood how, exactly, the hacker was able to inflate MNGO’s value in the eyes of the Mango protocol, according to Robert Chen of blockchain auditors OtterSec.

The attack caused the price of MANGO tokens to drop around 50%, Mango Markets’ price feed showed.

Mango Markets has contacted the hacker through a statement regarding a reward for the return of the funds.

The company, a decentralized crypto exchange, offers users the ability to make spot trades and loans.

This exploit was the second major decentralized finance attack in less than a week. The crypto industry witnessed an $80 million hack last week on Binance’s BNB blockchain.

The Binance coins (BNB) were stolen after an exploit that happened on a bridge between blockchains.

In accordance Chain analysis, total crypto crime revenue in the first half of this year was $1.6 billion, less than the figure recorded in the first half of 2021. The fall in crypto crime numbers has coincided with a fall in crypto values. However, some forms of cryptocrime have risen in the past year, such as the value of hacked cryptoassets increasing from $1.2 billion to $1.9 billion.

While Bloomberg reported that around $2 billion had been lost in crypto hacks this year, many of those hacks were carried out by North Korea-linked groups, and cross-chain bridges used to transfer tokens across blockchains have been a popular target.

The Binance hack has shown that even though the Binance ecosystem is among the highest profile, it can still be bumped.

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