Mango Market's DAO forum set to approve $47M settlement with hacker

Following a $117 million exploit on Oct. 11, the Mango Markets group is ready to make a take care of its hacker, allowing the hacker to maintain $47 million as a bug bounty, in response to the decentralized finance (DeFI) protocol governance discussion board.

The proposed phrases reveal that $67 million of the stolen tokens might be returned, whereas $47 million might be saved by the hacker. 98% of the voters, or 291 million tokens, have voted in favor of the deal, which additionally stipulates that Mango Markets is not going to pursue legal fees on the case.

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With the quorum reached, the voting is more likely to occur on Oct. 15. The proposal acknowledged:

“The funds despatched by you and the mango DAO treasury might be used to cowl any remaining dangerous debt within the protocol. All mango depositors might be made entire. By voting for this proposal, mango token holders comply with repay the dangerous debt with the treasury, and waive any potential claims in opposition to accounts with dangerous debt, and won’t pursue any legal investigations or freezing of funds as soon as the tokens are despatched again as described above.”

On Twitter, members of the group reacted to the event:

Mango hacker securing himself a ~$47m bug bounty.

Largest crypto bounty by far?

The present bounty going price of 10% of exploited funds goes to must be repriced lmao. pic.twitter.com/FcHkEbwY7u

— Hsaka (@HsakaTrades) October 14, 2022

The proposal has been questioned on the governance discussion board as properly, as acknowledged by one voter:

“Agree 100% that making customers funds entire ASAP is the highest precedence however a $50m “bug bounty” is ridiculous. At most the exploiter ought to get their prices again ($15m?) plus $10m. $10m whitehat bounty is what was provided to the $600m wormhole hacker. Mango can negotiate higher than this, particularly given the exploiter is actually doxed.”

The hacker carried out the assault by manipulating the worth of the MNGO native token collateral, then taking out “large loans” from Mango’s treasury. After draining the funds, the hacker demanded a settlement, filling a proposal on the Mango Market’s decentralized autonomous group (DAO) discussion board asking for $70 million at the moment.

Furthermore, the hacker has voted for this proposal utilizing tens of millions of tokens stolen from the exploit. On Oct. 14, the proposal reached the required quorum to move. In change for the settlement, the hacker requests that customers who vote in favor of the proposal comply with pay the bounty, repay the dangerous debt with the treasury, waive any potential claims in opposition to accounts with dangerous debt and never pursue any legal investigation or the freezing of funds.

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