Mango Market’s DAO Forum Set for $47 Million Hacker Settlement
According to the Mango governance forum, the Mango Markets community is ready to strike a deal with its hacker, allowing the hacker to keep $47 million in bug rewards.
According to the proposal, the hacker will keep $47 million while returning the remaining $67 million in tokens. The settlement received the support of 96% of voters and also guarantees that Mango Markets will not take legal action or freeze funds in the matter.
Members of the Mango Market community also reacted on Twitter regarding the set deal.
The proposal was also questioned during the user governance forum, as one user stated “I agree 100% that the top priority is to get users to fund full funds ASAP, but a $50m “bug bounty” is ridiculous, at most the exploiter should recoup their costs ($15m?) plus $10m.
The hacker secured “massive loans” from Mango treasury to carry out the attack by changing the collateral value of the native MNGO token.
After stealing the money, the hacker demanded a payout and posted a demand for $70 million on Mango Market’s Decentralized Autonomous Organization (DAO) forum at the time. The hacker voted for this proposal using millions of stolen tokens to exploit.
The DAO’s counter proposal lists the stolen assets and sums, asking the thief to return them based on an agreement with the DAO, including 799,155 mSOL, 761,577 SOL, 281,498 BTC, 2,354,260 SRM, 226 ETH , 11,774 FTT, 608 BNB, 152,843 GMT, 98,295 RAY, 1809 AVAX, 32,409,565 MNGO and 10,000,000 USDC.
The proposal states that the hacker must “return assets other than USDC, MSOL, MNGO and SOL” within 12 hours of the proposal. Remaining assets must also be sent within 12 hours after the vote is completed and passed.
The proposal requires the thief to send most of the funds to a wallet belonging to the Mango Upgrade Council.
Mango DAO further stated that the funds sent by the thief and the funds from the DAO treasury will be used to cover any bad debts remaining in the protocol to make “mango depositors whole”.
Read also : Mango Markets joins the $100 Million Hack Club
