The DeFi platform "Mango", which runs on the Solana network, was recently attacked, blockchain auditor OtterSec reported. By manipulating the prices of the utility token, the hackers were able to take overpriced collateral against MGNO.
Having completed a cycle of such operations, the hackers managed to withdraw all liquidity from the pools that provide trading with leverage on the Mango site.
The developers of the smart contract have confirmed that damages, totaling $100,000,000, have been caused. The stolen digital currency is currently on the Solana blockchain. The hackers had the opportunity to exchange this amount in a small number of exchanges, but they have already added to the "black list" the addresses that attacked Mango.
At the moment, the creators of Mango are trying to deprive hackers of the opportunity to exchange the stolen cryptocurrency in other ways. But due to the fact that the hackers managed to control the MGNO rate, the utility token quotes collapsed by 52 percent. In fact, the token has completely depreciated, the total decline from the high was 99.6 percent.
How the hacker attack happened remains a mystery to the creators of Mango and the OtterSec auditor. The search for a code error and price oracle management technique is still ongoing.
