Mango Hacker Pits Community Against Developers with Stolen Funds

Using the same governance tokens that were stolen in the theft, the hacker responsible for the $100 million breach of the Mango Markets platform appears to have voted for their plan for repaying the stolen assets.

The majority of the plunder would be returned if the community agrees to pay back the bad debt that was acquired during an operation in June to salvage a different Solana project named Solend, according to a person claiming responsibility for the attack.

Additionally, the hacker who carried out the attack sought payment and gave a suggestion. The suggestion was posted on the governance forum for Mango Markets’ decentralized autonomous organization (DAO).

If the test was successful, the hacker would have to transmit stolen MNGO SOL and Marinade Staked SOL tokens to an address given to them by the Mango DAO team. Users will be made whole if they have no bad debt. However, the hacker requests that any unpaid bill be treated as a bug bounty and insurance, to be paid out via a community treasury valued at $70 million.

Nearly 33 million votes were submitted in support of the plan by the hacker, giving it a current approval rating of 99.9%. The fact that the tokens used to vote “Yes” belonged to the same account as the hackers suggests that they were taken advantage of in yesterday’s vulnerability.

But with voting scheduled to complete on Friday, 67 million additional “yes” votes are still required for the outcome to be deemed quorate. It remains to be seen whether the outcome will be considered legitimate given how it was determined.

During the crisis, the whale had at one point borrowed 88% of all the USDC that were available on Solend. The burden on Solend’s liquidity was then reduced when debt totaling about $25 million was transferred to Mango Markets.

On the project’s Realms page, they stated, “If this proposal passes, I will transmit the MSOL, SOL, and MNGO in my account to an address published by the Mango team.”