According to various reports, the Solana-based trading and lending platform Mango Markets was hacked as a malicious actor was able to siphon $117 million from the protocol. An analysis of the hack published by Certik explains that the attacker manipulated the price of the project’s native token mango (MNGO) which allowed them to borrow $117 million against the exploited collateral.
On Tuesday, the Solana-based Mango Markets platform was hacked for $117 million. The team tweeted about the issue at 7:36 p.m. (ET) on October 11. “We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation,” the Mango Market’s Twitter account detailed. “We are taking steps to have third parties freeze funds in flight. We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.”
The blockchain security and auditing firm Certik summarized the Mango Market hack in a post mortem and the team explained that the hacker was able to manipulate the token mango (MNGO). “The attacker used two addresses to manipulate the price of MNGO – Mango’s native token and collateral asset – from $0.038 to a peak of $0.91,” Certik explained in a note sent to Bitcoin.com News. “This allowed them to borrow heavily against their $MNGO collateral, which they did so to the tune of approximately $117 million, though this figure is fluctuating due to the prices of affected tokens reacting to the news.”
#CertiKSkynetAlert ?
On October 11, 2022 at 11:19 PM UTC, Mango Market was attacked for a total loss of roughly ~$116M.
The attacker was able to manipulate the price of the MNGO token and exploitatively borrowed more assets than what they were supposed to be able to.
?… pic.twitter.com/HSIUsPYyA4
— CertiK Alert (@CertiKAlert) October 12, 2022
According to the blockchain security firm Hacken, the hacker started with roughly $5 million in USDC to accomplish the goals. The official Mango Market Twitter account confirmed that two accounts funded with USDC took out a massive long position in “MNGO-PERP.” “Underlying MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes,” Mango said. Mango further added that no oracle providers were at fault for the incident. The team stressed:
We want to clarify and add mention here that neither oracle providers have any fault here. The oracle price reporting worked as it should have.
Meanwhile, the blockchain security and auditing firm Certik has disclosed that the attack vector was allegedly known as early as March 2022. “The vulnerability here stemmed from the thin liquidity on the MNGO/USDC market, which was used as the price reference for the MNGO perpetual swap,” Certik’s summary adds. “With only a few million USDC at their disposal, the attacker was able to pump the price of MNGO by 2,394%. This exact attack vector was apparently raised in Mango’s Discord channel back in March of this year,” the Certik post-mortem concludes.
What do you think about the Mango Markets exploit? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals
A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.
According to various reports, the Solana-based trading and lending platform Mango Markets was hacked as a malicious actor was able to siphon $117 million from the protocol. An analysis of the hack published by Certik explains that the attacker manipulated the price of the project’s native token mango (MNGO) which allowed them to borrow $117 million against the exploited collateral.
On Tuesday, the Solana-based Mango Markets platform was hacked for $117 million. The team tweeted about the issue at 7:36 p.m. (ET) on October 11. “We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation,” the Mango Market’s Twitter account detailed. “We are taking steps to have third parties freeze funds in flight. We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.”
The blockchain security and auditing firm Certik summarized the Mango Market hack in a post mortem and the team explained that the hacker was able to manipulate the token mango (MNGO). “The attacker used two addresses to manipulate the price of MNGO – Mango’s native token and collateral asset – from $0.038 to a peak of $0.91,” Certik explained in a note sent to Bitcoin.com News. “This allowed them to borrow heavily against their $MNGO collateral, which they did so to the tune of approximately $117 million, though this figure is fluctuating due to the prices of affected tokens reacting to the news.”
#CertiKSkynetAlert ?
On October 11, 2022 at 11:19 PM UTC, Mango Market was attacked for a total loss of roughly ~$116M.
The attacker was able to manipulate the price of the MNGO token and exploitatively borrowed more assets than what they were supposed to be able to.
?… pic.twitter.com/HSIUsPYyA4
— CertiK Alert (@CertiKAlert) October 12, 2022
According to the blockchain security firm Hacken, the hacker started with roughly $5 million in USDC to accomplish the goals. The official Mango Market Twitter account confirmed that two accounts funded with USDC took out a massive long position in “MNGO-PERP.” “Underlying MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes,” Mango said. Mango further added that no oracle providers were at fault for the incident. The team stressed:
We want to clarify and add mention here that neither oracle providers have any fault here. The oracle price reporting worked as it should have.
Meanwhile, the blockchain security and auditing firm Certik has disclosed that the attack vector was allegedly known as early as March 2022. “The vulnerability here stemmed from the thin liquidity on the MNGO/USDC market, which was used as the price reference for the MNGO perpetual swap,” Certik’s summary adds. “With only a few million USDC at their disposal, the attacker was able to pump the price of MNGO by 2,394%. This exact attack vector was apparently raised in Mango’s Discord channel back in March of this year,” the Certik post-mortem concludes.
What do you think about the Mango Markets exploit? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals
A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.
Quant continued to trade close to an eight-month high on Wednesday, as prices of the token rose for a second straight day. Hedera was another notable mover in today’s session, as it rose by as much as 11% earlier in the day. Overall, crypto markets are marginally down as of writing.
Quant (QNT) rose for a second consecutive day on Wednesday, as prices remained close to an eight-month high.
On Sunday, the token surged to a peak of $163.83, which is the highest point quant has hit since February 8.
Earlier in today’s session, QNT/USD was at a high of $157.80, which sees prices only $6 away from the aforementioned peak.
As a result of recent gains, QNT is now firmly in overbought territory, with the 14-day relative strength index (RSI) tracking at 70.19.
This is marginally below a ceiling of 71.00, which quant bulls will need to overcome, should they intend to send prices higher.
Price uncertainty will likely be heightened around this region, with bears potentially also waiting for the opportunity to reenter.
Hedera (HBAR) was another notable gainer on hump day, with the token climbing by as much as 11%.
Following a low of $0.05879 on Tuesday, HBAR/USD managed to rise to a peak of $0.06596 earlier today.
As a result of this surge in price, hedera has now hit its strongest point in one month, since when the token was trading above $0.0737.
Looking at the chart, HBAR has since fallen from earlier highs, as bears reentered the market following the failed attempted breakout of a ceiling at $0.06600.
Today’s move comes as the 10-day (red) moving average crossed over its 25-day (blue) counterpart, for the first time since September 13, which is when we last saw HBAR at these current levels.
Should we see this upwards momentum continue, then bulls will likely force a breakout of the resistance point referenced above.
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Could hedera maintain this momentum throughout the remainder of the week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Source From : News