- The $100 million hack of Mango Markets, a DeFi trading platform on the Solana blockchain, has given the worth of its native token MNGO and that of SOL winding down in one day.
The data from CryptoSlate reveals that the MNGO token slipped over 40% in the past one day to $0.02396. In this time, SOL also dropped almost 1% of its value to trade at $31.
At the same time, the total value of assets closed in Solana slipped 23% to $997 million from $1.32 billion, in line with DeFillama data. This is the first time when Solana’s TVL went down over $1 billion since July 2021.
ផ្លែស្វាយ ផ្សារ revealed that the attacker influenced MNGO’s worth by taking an oversized place in MNGO-PERP and counter-traded themselves with one more account. This resulted in the USD value of MNGO increasing on different exchanges.
The price oracles Switchboard and Pyth surpassed the bar MNGO price based on this, resulting in a “mark-to-market growth in the value of the account that was extended MNGO-PERP from the imperceptible profit.”
This permitted the attacker to swipe up $100 million worth of assets which was all the assets on the platform.
Blockchain security company OtterSec wrote that the hacker influenced Mango’s guarantee, which permitted him to withdraw huge loans from the treasury.
Source: https://www.thecoinrepublic.com/2022/10/13/solana-tvl-dropped-23-after-100m-mango-market-hack/