Mango Markets Set To Return Stolen Funds Worth $114 Million  14

Mango Markets Set To Return Stolen Funds Worth $114 Million 

  • Mango Markets’ Daffy Durairaj tweeted that the firm is in the process of carving a plan out to return stolen funds 
  • The firm suffered a massive online exploit earlier this month, which resulted in the firm losing nearly $114 million worth of funds.

Mango Markets DEX, which suffered a massive exploit earlier this month, is currently in the process of carving out a plan that aims to return all stolen funds to their owners. 

Mango Markets is Currently In The Process Of Returning Stolen Funds

According to a tweet posted by Mango Labs founder Daffy Durairaj, the firm at the moment is in the process of creating an effective plan that will help the firm return funds back to users. Durairaj further shared that “the program for depositors to recover funds is currently in audit and should be ready to go by tomorrow.”

Mango Markets had earlier announced that its DAO would also be undergoing another voting round to decide on ways to return the stolen funds to its users.

The firm suffered a massive exploit earlier this month that resulted in the hacker stealing away $114 million worth of funds. The hacker had manipulated the price of its native token, MNGO, and had later withdrawn massive collateral against the tokens purchased.

Later on, the hacker published a proposal on Mango DAO demanding that Mango Markets should write off all bad debt within the firm by utilizing funds from its $70 million USDC treasury.

The matter had escalated to the point where Mango Markets had put forward negotiations with the hacker by offering him a bug bounty of $47 million. The hacker had later come to terms with the reward and had agreed to return most of the stolen funds back to the firm.

As per a chainanalysis report, October has been dubbed as the biggest month for DeFi hacks. Per the report, nearly $718 billion worth of crypto funds have been stolen in October alone from DeFi protocols across 11 different hacks.

Image: Mango Markets/Twitter