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DeFi Exchange Mango Markets Will Soon Start Refunding Users for $114M Exploit
The exploiter had come forward and returned most of the stolen funds a few days ago.
Mango Markets, the decentralized crypto exchange (DEX) that suffered an exploit earlier this month, will soon start refunding users for the $114 million exploit.
The DEX had earlier said that its decentralized autonomous organization (DAO), entities that are owned and governed by their members without any central leadership, would vote on how to refund users.
STORY CONTINUES BELOW
"The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning. Much thanks to all the Mango contributors working tirelessly to make this happen," Mango Labs co-founder Daffy Durairaj said in a tweet.
The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning.
ā daffy (@dadadadaffy) October 20, 2022
Much thanks to all the Mango contributors working tirelessly to make this happen š
A group of exploiters drained the marketplace of $114 million worth of crypto, by manipulating the price of the DEX's native token MNGO.
DEXs like Mango rely on smart contracts to match trades between users. Smart contracts are wholly decentralized and are not overseen by a centralized party ā which means a rogue trader can deploy enough money to exploit loopholes in any protocol without the risk of anyone stepping in to stop the attack before it takes place.
One of the apparent exploiters, Avraham Eisenberg, came forward last week and said that the group had returned $67 million to the Solana-based exchange.
Read more: How Market Manipulation Led to a $100M Exploit on Solana DeFi Exchange Mango
CORRECTION (Oct. 20, 12:20 UTC): Corrects headline and story to say the funds will be refunded.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
