Mango Markets offered a plan to pay victims from hacking

Mango Markets offered a plan to pay victims from hacking

The Mango Markets trading and credit Defi platform on the basis of SOLANA issued a proposal for the payment of compensation to users to $ 116 million to users. About this writes The Block.

The participants of the Tao will have 72 hours from the date of publication of the plan in Discord to vote.

In case of approval of the victim of hacking, they will be able to count on the return of the amount that they had an hour before the incident (total $ 114 million).

The platform will use a snapshot as of October 11 16:19 (et). On its basis, all borrowed funds will be calculated, and the profit and loss will be converted into US dollars.

Then Mango Markets will check every token that she has in the treasury, in order from the smallest to the largest, and will return the borrowed amounts in the designated order. The price of assets paid to users will be used to calculate their general repayment.

A similar algorithm will limit the impact of prices and volatility for users. Mango token will be paid the latter, since since the snapshot its price has changed significantly.

Mango Markets co -founder Duffy Dufi Durayraj noted that the proposed plan is focused on minimizing the difference between the tokens that users had before the attack and the coins that they will receive.

On October 15, a certain Abraham Isenberg recognized the involvement in the hack. In an interview with The Block, he called himself a dealer of digital art, noting that “he did nothing illegal”.

Shortly before this, the Mango Markets community approved a deal with a hacker for $ 47 million. Aizenberg will return $ 69 million and keep the remaining $ 47 million as a reward.

According to agreements, all victims will receive full compensation from the treasury funds and abandon any potential claims and criminal cases.

Recall that hacking Mango Markets occurred on October 12. Its reason was called manipulation of oracle prices.

On the same day, the head of the FTX cryptocurrency exchange, Sam Bankman-Fried, commented on the incident with Mango Markets. According to him, not incorrect operation of price oracles, but the shortcomings of the risk assessment system allowed the attacker.

October became a record in volume of cryptocurrencies stolen by hackers in 2022, according to Chainalysis. Since October 1, Defi Protokols lost $ 718 million as a result.

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