Carrying out a $117 million exploit on March. 11, the Mango Markets community is placed to create a cope with its hacker, allowing the hacker to help keep $47 million like a bug bounty, based on the decentralized finance (DeFI) protocol governance forum.
The suggested terms demonstrate that $67 million from the stolen tokens is going to be came back, while $47 million is going to be stored through the hacker. 98% from the voters, or 291 million tokens, have voted in support of the offer, that also stipulates that Mango Markets won’t pursue criminal charges around the situation.
Using the quorum arrived at, the voting will probably happen on March. 15. The proposal mentioned:
“The funds sent by your mango DAO treasury will be employed to cover any remaining bad debt within the protocol. All mango depositors is going to be made whole. By voting with this proposal, mango token holders agree to repay unhealthy debt using the treasury, and waive any potential claims against accounts with bad debt, and won’t pursue any criminal investigations or freezing of funds when the tokens are delivered back as described above.”
On Twitter, people from the community reacted towards the development:
Mango hacker securing themself a ~$47m bug bounty.
Greatest crypto bounty undoubtedly?
The present bounty going rate of 10% of exploited funds needs to become repriced lmao. pic.twitter.com/FcHkEbwY7u
— Hsaka (@HsakaTrades) October 14, 2022
The proposal continues to be asked in the governance forum too, as mentioned by one voter:
“Agree 100% that creating users funds whole As soon as possible may be the main concern however a $50m “bug bounty” is absurd. For the most part the exploiter is deserving of their costs back ($15m?) plus $10m. $10m whitehat bounty is exactly what was provided to the $600m wormhole hacker. Mango can negotiate much better than this, especially because of the exploiter is basically doxed.”
The hacker performed the attack by manipulating the need for the MNGO native token collateral, then getting “massive loans” from Mango’s treasury. After draining the funds, the hacker required funds, filling an offer around the Mango Market’s decentralized autonomous organization (DAO) forum requesting $70 million in those days.
Furthermore, the hacker has voted with this proposal using countless tokens stolen in the exploit. On March. 14, the proposal arrived at the needed quorum to pass through. In return for the settlement, the hacker demands that users who election in support of the proposal accept spend the money for bounty, remove the bad debt using the treasury, waive any potential claims against accounts with bad debt and never pursue any criminal analysis or even the freezing of funds.
