Post $114 million Mango Markets hack, Solana DeFi projects open back

A few days back, Today NFT News reported, Solana DeFi trading hack costs its platform Mango Markets $100 million.  

Now as per the recent news, after the $114 million hack of Mango Markets, two Solana-themed DeFi protocols are reopened. 

Tulip, yield aggregator and UXD, stablecoin provider, have found tokens from Mango Markets and are eligible to continue with their services. Mango Markets is meant for trading tokens as well as lending and is based on Solana. 

Coming to Solana, it is known to be the famous blockchain behind SOL. Also, a number of DeFi projects are being made on Solana. 

Earlier this month, the hacker temporarily drove up the value of the collateral due Mango Markets owing to a glitch in its system. This was followed by taking out loans by the hacker from Mango’s treasury. 

In the DeFi hacks world, it is nothing unusual. 

DeFi means tools and applications in crypto that enable users to carry out tasks such as loans, quite easily and rapidly, that otherwise need both checks and a middleman.   

Since these applications are new and experimental, they are susceptible to exploits. In 2021, Cream Finance, a lending protocol, in three different hacks, suffered a loss of hundreds of millions. 

In 2020, when the industry started getting momentum, such hacks were quite frequent, especially to apps that were based on Ethereum. Today, several blockchains like Solana have made a move in the space; thus, bad actors have shifted their attention towards them.

To get back the stolen tokens worth $67 million, Mango Markets offered the hacker $47 million. The individual who took the responsibility for the hack then agreed to return the tokens, provided the community paid off their bad debt that they took from some previous operation. 

After the hack, UXD lost access to $19.9 million; whereas, Tulip’s protocol faced disappearance of $2.5 million.