Skip to main content

Agreement against your will? – Mango Markets promises hackers $47 million “reward”

 


After the DeFi project Mango Markets suffered a massive hacking attack worth $117 million on October 11, the project's community has now agreed with the attacker that the attacker released $47 million from the stolen may keep funds.


The supposed settlement provides for $67 million to be returned to the project, while the hacker gets to keep the remaining $47 million after deducting other expenses. 98% of community members or 291M governance tokens have voted in favor of the deal, which also stipulates that Mango Markets will not pursue any criminal proceedings against the attacker.


After the possible agreement was decided almost unanimously, the green light has to be finally given with a final vote today, October 15th. The relevant draft states:


"Your and the Mango DAO's funds will be used to pay off the outstanding balance of the protocol. All Mango investors get their money back. By voting in favor of this proposal, Mango investors agree that the remaining debt will be paid from the repaid monies and waive their right to criminal proceedings or freeze funds once repaid.”

The members of the crypto community reacted on Twitter with surprise given the high compensation for the attacker:


Mango hacker securing himself a ~$47m bug bounty.


Biggest crypto bounty by far?


The current bounty going rate of 10% of exploited funds is going to need to be repriced lmao. pic.twitter.com/FcHkEbwY7u


— Hsaka (@HsakaTrades) October 14, 2022

Criticism is also not lacking in the Mango Markets governance forum, as a voting user puts it:


“I 100% agree that getting refunds as soon as possible is a top priority for investors, but a 'reward' of close to $50M is ridiculous. The maximum the hacker should get is their cost ($15 million?) plus $10 million. A $10 million reward was also paid to the Wormhole hacker who was able to loot $600 million. Mango can negotiate much better than that, especially since the attacker is ultimately known.”

The hacker engineered the attack on Mango by first manipulating the value of the DeFi project’s collateral for loans in the form of the in-house cryptocurrency MNGO, only to then disburse “massive loans” on overly favorable terms. After hijacking the funds, the hacker demanded a ransom of $70 million for the repayment.


Ironically, the hacker was able to use the stolen crypto funds himself to vote for the settlement proposal on his own terms.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

BlackRock launches crypto ETF, certifies massive growth potential for crypto market

  Influential asset manager BlackRock has launched a blockchain index fund (ETF) that offers investors a way to invest in the crypto industry without having to invest directly in related cryptocurrencies. Accordingly, the world's largest asset manager, which currently has assets worth almost 10 trillion. US dollars managed, the so-called Blockchain and Tech ETF (IBLC) was launched this week. The $4.7 million ETF does not invest directly in cryptocurrencies or crypto investment products, but instead tracks various companies within the crypto industry. The ETF is made up of 41 different securities, of which the American crypto exchange Coinbase accounts for the largest share at 11.45%. They are followed by the Bitcoin ( BTC ) mining companies Marathon Digital Holdings (11.19%) and Riot Blockchain (10.41%). To still leave room for future investments in the crypto market, the ETF has a 9.15% cash component in US dollars. In addition to the launch of the new ETF, BlackRock has also publ...
Post a Comment
Read more

Not a bear market: According to the analyst, the current BTC decline is the same as in previous Bitcoin cycles

  According to one analyst, Bitcoin is behaving the same overall this year as it has in previous cycles. Bitcoin ( BTC ) will have “at least one more boost higher” before hitting all-time highs this halving cycle, analysts are currently saying. The well-known analyst TechDev has spoken on Twitter about the current state of BTC and said that contrary to many opinions, nothing unusual has happened in BTC/USD in 2022. Bitcoin in 2021: Nothing to see here Sentiment has also taken a hit, falling 40 percent from November's all-time high of $69,000. There is still “extreme fear” in the bitcoin and altcoin market. TechDev, known for his bullish views on Bitcoin, sees no reason to worry. He analyzed the new wallet addresses in relation to course behavior and shows here that the scenario from last year was by no means an isolated case. Back then, the number of new addresses made lower highs while the price made higher highs. "In 4 of the 6 corrections, there was divergence with price ma...
Post a Comment
Read more

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more