- Mango DAO offers hacker $47 million to resolve case without prosecutions.
- Millions of dollars and land are stolen by a mango market hacker.
- MNGO coin has dropped over 40% in the last 24 hours to $0.02396.
Government lawyers in the United States have lodged criminal charges of product fraud and deception against a man charged with attempting to steal approximately $110 million in October by sabotaging the Mango Marketplace crypto exchange.
Avraham Eisenberg’s investment exchanges involving Mango’s crypto token MNGO allowed him to pull back $110 million in digital currencies from the other investors’ reserves with no evident purpose of repaying the money.
The extreme event does seem to be part of a strategy to market off the tokens, thereby depressing the worth of CRV and generating generous earnings from millions of brief stakes on the coin.
Mango is a decentralized bitcoin exchange operated by Mango DAO that allows investors to offer, collect, flip, and exchange virtual currency resources.
The decentralized autonomous organization offered the hacker a bounty program of $47 million to resolve the matter without legal consequences.
While Mango DAO debated the best way to proceed on the public platform, the hacking group proposed their own ideas for returning the money on Mango’s governance forum, using the stolen tokens to vote in favor of the project.
Mango has a specific argument in place that requires the return on investments as well as the agreed-upon amount between the cybercriminal and the DAO.
The value of Mango Markets, a Solana-based decentralized framework, has dropped in the last 24 hours as a result of this hack. The MNGO coin fell more than 40% to $0.02396 within the last day, according to CryptoSlate data. SOL also ended up losing about 1% of its value during this period, closing at $31.
Mango Markets is a Solana-based system for trading digital products on the Solana blockchain on spot profit with constant future prospects. Mango Markets is controlled by the Mango DAO.