Mango DAO Proposes $47 Million Settlement to Hacker

Mango DAO Proposes $47 Million Settlement to Hacker
  • The assailants artificially inflated the value of their collateral and then borrowed heavily.
  • According to the terms of the arrangement, the hacker must return $67 million in tokens.

Recently, a thief made off with $100 million in cryptocurrency using an exploit in the Mango Markets platform. Mango DAO has given hacker an opportunity to settle their debts and escape a criminal inquiry.

According to the terms of the arrangement, the hacker must return $67 million in tokens to the Mango DAO, the decentralized autonomous organization that controls Mango Markets, in exchange for a $47 million bug reward.

More than $100 million was stolen on Tuesday when a hacker took advantage of a flaw in the Mango Markets Solana DeFi exchange. The assailants artificially inflated the value of their collateral and then borrowed heavily from the Mango treasury.

Expecting Hacker to Accept the Bounty

Since then, the Mango DAO community has discussed the next steps on the DAO forum. To add insult to injury, the thief then reportedly presented their own method for recovering the stolen assets via the DAO’s governance forum and used the tokens they had stolen to vote in favor of the plan.

Token holders in a decentralized autonomous organization (DAO) have a say in how the group is run. These governance tokens are used by members to vote on ideas that will be carried out through smart contracts.

A June bailout by Mango Markets and fellow Solana platform Solend is blamed for the thief’s demands. The claim states that Mango must pay the thief 70 million USDC from its cash reserves to settle the debt.

The plan specifies that the majority of the stolen money must be transferred to a wallet controlled by the Mango Upgrade Council.

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