Mango Market's DAO forum set to approve $47M settlement with hacker

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

With more than 98% of tokens voting in favor of the deal, the hacker appears likely to keep $47 million as a bug bounty.

The proposal has been questioned at the governance forum as well, as stated by one voter:

"Agree 100% that making users funds whole ASAP is the top priority but a $50m"bug bounty" is ridiculous. At most the exploiter should get their costs back plus $10m. $10m whitehat bounty is what was offered to the $600m wormhole hacker. Mango can negotiate better than this, especially given the exploiter is essentially doxed."

The hacker performed the attack by manipulating the value of the MNGO native token collateral, then taking out “massive loans” from Mango’s treasury. After draining the funds, the hacker, filling a proposal on the Mango Market's decentralized autonomous organization forum asking for $70 million at that time.

Moreover, the hacker has voted for this proposal using millions of tokens stolen from the exploit. On Oct. 14, the proposal reached the required quorum to pass. In exchange for the settlement, the hacker requests that users who vote in favor of the proposal agree to pay the bounty, pay off the bad debt with the treasury, waive any potential claims against accounts with bad debt and not pursue any criminal investigation or the freezing of funds.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Maybe send a few of those Mango caps? Who remembers Mango caps?

Za ukradenih 100 milijuna dolara, haker je pokrenuo prijedlog da se od državne riznice zahtijeva da vrati korisničke gubitke, te je manipulirao glasovanjem s velikim brojem ukradenih tokena upravljanja, čineći stopu odobrenja od gotovo 100%

Brilliant!

whyy nobodyy sharing this

South Africa South Africa Latest News, South Africa South Africa Headlines