Sam Kessler
Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.
Mango, a decentralized finance platform hosted on the Solana Blockchain, appears to have been exploited for over $100 million.
The exploit was initially reported on Twitter by blockchain auditors OtterSec, who say “the attacker was able to manipulate their Mango collateral.”
“They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury,” OtterSec tweeted.
CoinDesk has reached out to Mango for comment and will update this article should we hear back.
Mango, for its part, is urging users not to "deposit into Mango until the situation is more clear."
Please don't deposit into Mango until the situation is more clear. To the hacker / trader, please contact [email protected] to discuss a bug bounty.
— Mango (@mangomarkets) October 11, 2022
Mango is a decentralized crypto exchange on the Solana blockchain that offers users the ability to make spot trades and loans.
Thursday's exploit the second major decentralized finance attack in less than a week, coming hot on the heels of an $80 million hack last week of Binance’s BNB blockchain.
This is a developing story and will be updated.
UPDATE (Oct. 11, 2022 23:30 UTC): Adds Tweet from Mango.
