In a DeFi attack

In a DeFi attack, $100,000,000 is emptied from the Solana-based crypto trading platform Mango Markets.

– Mango Markets is a decentralized exchange (DEX) on the Solana (SOL) blockchain.

– Mango Markets claims that an attacker manipulated the price of its utility token, Mango (MNGO), upwards within minutes before borrowing and withdrawing crypto assets worth approximately $100 million.

– The attacker initiated the price manipulation by funding two accounts with the USDC stablecoin and then buying an “outsized position” in the derivative of Mango Markets’ utility token, MNGO-PERP.

– Mango Markets says that the price of its utility token then surged, a fact that was registered by Solana’s on-chain data feed providers Switchboard and Pyth.

– Once the value of MNGO had exploded, Mango Markets says that the attacker then borrowed the highest amount possible using the unrealized profit from his long position in the utility token as collateral. The attacker withdrew the loot in Bitcoin (BTC), Solana (SOL) as well as the USDC and USDT stablecoins.

– Mango Markets has listed its priorities as to prevent further unnecessary losses, make sure the depositors of Mango are made whole and to try to salvage value and rebuild the protocol.

emptied trading mango markets In a DeFi attack, $100,000,000 is emptied from the Solana-based crypto trading platform Mango Markets.

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