Another significant hack has occurred in the cryptocurrency market in less than a week, with a hacker stealing $100 million from Mango Markets.
An oracle price manipulation assault on the MANGO token traded on Mango Market attacked the Solana blockchain-based trading and lending platform.
Using Twitter, Mango Markets has acknowledged that they are looking into the situation. “An oracle price manipulation event where monies were stolen from Mango by hackers is currently under investigation. We are taking steps to have third parties freeze funds in flight,” the post read.
As an added layer of safety, the organization offers handicapped deposits.
As the situation develops, Mango Markets will tweet updates. “We will be disabling deposits on the front end as a precaution and will keep you updated.”
The stolen funds originated in an FTX exchange account that the hacker accessed.
According to tweets from blockchain security firm Hacken, the hacker triggered a MANGO token price pump by opening a massive futures position. That further boosted the hacker’s account collateral value and enabled access to borrowing a big debt position across numerous coins on Mango Market’s borrowing and lending platform.
According to Hacken, the hacker was then able to borrow and steal around $114 million across numerous tokens since the price of tokens and their collateral was pushed substantially higher.
According to Robert Chen of blockchain auditors OtterSec, it is unclear how the hacker artificially inflated MNGO’s value in the eyes of the Mango protocol.
The hack caused the price of MANGO tokens to drop roughly 50%, Mango Markets’ price feed showed.
Mango Markets issued a public statement to the hacker offering a reward in exchange for the return of the stolen funds.
As a decentralized crypto exchange, the firm facilitates both short-term trading and loans for its customers.
As so, it was the second major attack on decentralized financial systems in the space of a week. Binance’s BNB blockchain was hacked for $80 million last week, a major event in the cryptocurrency sector.
After a security flaw was discovered in a blockchain connection, the Binance Coins (BNB) were taken.
Chainalysis estimates that crypto criminals earned $1.6 billion in the first half of 2018, down from $2.1 billion in the same period in 2021. Coinciding with the decline in crypto crime statistics has been a decline in the value of crypto assets. Nonetheless, there have been increases in various varieties of crypto-crime over the past year, such as the value of hacked crypto assets, which rose from $1.2 billion to $1.9 billion.
Cross-chain bridges used to transfer tokens between blockchains have been a frequent target, despite the fact that Bloomberg reported that over $2 billion has been stolen in crypto attacks this year.
Even though Binance’s ecosystem is highly visible, the recent breach has shown that it is vulnerable to outside forces.
