Solana-Based Crypto Trading Platform Mango Markets Set To Deal With Hacker Behind $100,000,000 Exploit
A Solana-based (SOL) crypto trading platform is ready to enter into a deal with the hacker who allegedly stole millions of dollars from the network.
According to a recent update, the hacker and Mango Market’s DAO (decentralized autonomous organization) have come to an agreement that will see the bad actor return a portion of the exploited funds as a means of avoiding prosecution.
The proposal, which will be voted on by Mango’s board, would see the hacker return a mix of cryptoassets worth about $47 million back to the trading platform, including Bitcoin (BTC), Solana, Serum (SRM), Ethereum (ETH), FTX Token (FTT), Binance Coin (BNB), Mango (MNGO), Marinade Staked Solana (mSOL) and stablecoin USD Coin (USDC).
The hacker has been told to return the virtual assets to crypto wallets belonging to the Mango Council.
“Within 12 hours after the proposal is opened, you must return assets other than USDC, MSOL, MNGO and SOL as proof of good faith. The remaining assets must be sent within 12 hours after the poll is completed and passed.
The funds sent by you and the Mango DAO treasury will be used to cover any remaining bad debt in the protocol. All Mango depositors will be made whole.
By voting in favor of this proposal, holders of Mango tokens agree to pay off the bad debt with the Treasury, waive potential claims against bad debt accounts, and will not pursue any criminal investigations or freezing of funds once the tokens are returned as described above.”
Other digital assets in the deal include Avalanche (AVAX), STEPN (GMT) and Raydium (RAY).
Earlier this week, Mango Markets said it was hacked after a fraudster figured out a way to manipulate the price of the original asset MNGO by withdrawing $100 million worth of cryptoassets from the exchange.
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Featured image: Shutterstock/zeber
