Within days from the Binance bridge exploit, the crypto community saw another incident with the Mango Markets hack on Wednesday. Blockchain security company OtterSec claimed earlier today that the DeFi hack led to a loss of over $100 million. Mango Markets said the hack to draining of funds from its platform via an oracle price manipulation. Also, the platform disabled deposits as a protective measure.
Mango Markets Exploit: What Went Wrong
Alerting the community of the hack, OtterSec said the attacker managed to manipulate the Mango collateral. “They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury.” The platform’s team said it was probing the whereabouts of the exploit. Mango Markets said in a tweet that it was disabling deposits on the front end.
“We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation. We are taking steps to have third parties freeze funds in flight.”
Meanwhile, the platform’s governance token took a massive hit due to the DeFi hack today. The Mango token (MNGO) lost nearly half of its value since the news broke. As of writing, the token price stands at $0.02303, down 42.38% in the last 24 hours, according to price tracking platform CoinMarketCap. The token is currently ranked 540 based on its market capitalization.
Impact On Solana (SOL) Price
Following the exploit, SOL price immediately dropped 2.30% before making a partial recovery thereafter. As of writing, SOL price stands at $30.97, down 1.55% in the last 24 hours, according to CoinMarketCap.
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