Mango Markets hacker secures $47 million bug bounty

share to other networks share to twitter share to facebook
Mango Markets

According to the Mango Markets governance forum, the Mango Markets community is all set to proceed with plans to reward its hacker with a bug bounty worth $47 million.

Per the details shared on its official governance forum, the hacker will be returning $67 million worth of stolen funds to the protocol, while keeping the remaining $47 million as his bug bounty reward.

Advertisement

The proposal received support from 96% of its users

Mango Markets hacker receives bug bounty reward

The Mango Markets community will be moving forward with a plan that will allow its hacker to keep $47 million of stolen funds as a bug bounty reward.

  • Read more:
Advertisement

The governance vote, which was approved by the Mango Markets community on the weekend, further stated that the project will make use of its USDC treasury funds to write off the bad debt within the protocol and will not pursue a legal investigation against the hacker.

The governance vote recieved over 119 million MNGO tokens in favour of the said decision, while 4.6 million MNGO votes were against the deal.

Solana's Mango Market is a leading trading and lending platform on Solana, which was exploited on October 10.

The hacker was able to syphon away funds worth $117 million and later proposed a counter-deal to the Mango team, asking the firm to use its treasury funds to write off bad debt within the protocol.

Advertisement

The hacker manipulated the MNGO token by inflating its value and then later withdrew massive loans to steal the platform's crypto funds.

Get the latest on Bitcoin, Ethereum, Shiba Inu and Luna Classic.