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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.

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