mangoa decentralized finance (DeFi) platform was exploited by hackers for over $100 million, marking the mark second such burglary this week.
What happened: The DeFi platform tweeted that it is “currently investigating an incident where a hacker was able to extract funds from Mango via “oracle price” manipulation.”
Mango said it is “taking steps to induce third parties to freeze funds during the escape.”
We are currently investigating an incident where a hacker was able to siphon funds from Mango via oracle price manipulation.
We are taking steps to ensure third parties freeze funds during the flight. 1/
— Mango (@mangomarkets) October 11, 2022
An “oracle price manipulation” is the most common exploit in the DeFi space, where an attacker exploits an oracle smart contract, resulting in system failures and theft.
Mango is a digital asset trading platform on the Solana Blockchain This allows users to trade with up to 5x leverage.
According to the Blockchain Audit website Ottersekthe attacker first manipulated the price of their collateral and then borrowed massively from the Mango treasury.
@mangomarkets was just drained for over $100 million. https://t.co/SI4hccCIQx
:Thread: pic.twitter.com/IAKyXgN8gM
— OtterSec (@osec_io) October 11, 2022
The attacker deleted assets including USD coin USDC/USD, Marinade with Solana piles MSOL/USD, Solana SOL/USD, Bitcoin BTC/USD, tether USDT/USD, serum SRM/USDand mango MNGO/USD.
Price promotion: Mango’s MNGO token plunged over 42% in 24 hours, according to price data from CoinMarketCap amid fears the platform may have been exploited.
