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Mango Markets; Hacker submits brazen proposal

 


On Oct. 12, a day after $117 million was stolen from Solana DeFi platform Mango Markets in an exploit , the hacker behind the attack called for a settlement. The proposal was submitted at the Mango Markets DAO Governance Forum. 

and Marinade Staked SOL tokens to an address provided by the Mango DAO team. Users with no bad debts would be fully compensated. However, the hacker wants any bad debt to be considered a bug bounty and insurance to be paid out through the community fund. The value is 70 million USD coin (

The hacker brazenly voted for this proposal using millions of tokens stolen in the exploit. However, the proposal did not reach the required quorum. In exchange, the hacker demands that users who vote for the proposal pay the bounty, settle the bad debts, waive possible claims against bad debt accounts, and not pursue criminal investigations or freeze the funds.


Unsurprisingly, the reactions were overwhelmingly negative. A user wrote:


"You are disgusting. What you have done is wrong in every way. It would have been responsible to report the vulnerability to the team and NOT exploit it. I hope law enforcement has no mercy on you."

However, the losses from this attack may be lower than previously assumed. For example, Solana stablecoin protocol UXD said it had a total of $20 million on Mango Markets. However, the protocol's insurance fund has over $53.5 million in assets. That's more than enough to cover the losses.

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