Hacker Ultimatum for Mango Markets
The crypto community was left shaken by yet another triple-figure hack this week: this time from Mango Markets on the Solana network. The hacker surprised everyone by issuing an ultimatum in exchange for the return of the stolen funds: ‘Repay bad debt.’ Mango Markets’ bad debt stems from a whale bailout in June, in which Solend and Mango Markets put in $207 million to stave off system collapse after one user was massively over-leveraged.
The move was severely criticized at the time, as it appeared the uber-wealthy could take bigger risks when the house covers debts. As punishment, this particular hacker grabbed USDC, MSOL, SOL, BTC, USDT, SRM, and MNGO, wiping out all of Mango’s liquidity and leaving behind a blackhole to the tune of $116.7 million – promising retrieval when debts are settled properly. Without this, it would seem Mango Markets is in need of a bailout.
Comment from Oryen Network
Oryen developer Gemini stated: ‘Very large exploit earlier on Mango Market, Solana network. This is why we believe generating a yield on tokens kept in YOUR OWN WALLET rather than being staked or lent into a contract is by far the better alternative. Keep your assets in your control.’ Oryen project is unique in that it employs the OAT (Oryen Autostaking Technic) to generate profit, meaning users do not need to concern themselves with managing staking or trusting their tokens to third parties. Rebase rewards are sent out based on the value held in the wallet, making ORY a far more secure choice in terms of hacker theft.
Conclusion
It would seem this hacker stole with an agenda and has offered Mango Markets a way out – provided they make a choice to clear off a portion of bad debt using the $70 million USDC claimed to be in their treasury. Investors looking for more inventive ways to keep their money safe would be wise to research Oryen Network. To offer another quote from Gemini, ‘Stay safe out there, everyone.’
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