The post $100 Million Drained From Mango, a Solana-Based Decentralized Finance Platform appeared first on Coinpedia Fintech News
Decentralised finance platform based on the Solana blockchain, Mango has been drained of more than $100 million.
The attack was first disclosed on Twitter by blockchain auditors OtterSec, who stated that “the hacker was able to alter their Mango collateral.”
“The [MGNO] governance token was valued significantly more than it should have been,” said OtterSec’s Robert Chen. “With it, the hacker was able to take out huge loans, emptying Mango’s liquidity pools.” It’s similar to a lending-borrowing race: if you have overvalued collateral, you may borrow against it, as the attacker did.”