Mango Markets Set To Return Stolen Funds To Users

Following the return of $67 million worth of cryptocurrency by the attacker of the Solana-based Decentralized Finance project, Mango Markets has announced plans to return stolen funds to Users as per post.

The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning.

Much thanks to all the Mango contributors working tirelessly to make this happen 🙏

— daffy (@dadadadaffy) October 20, 2022

The decentralized crypto exchange (DEX) had earlier acknowledged that $67 million out of $114 million looted funds have been returned.

$67M in various crypto assets have been returned to the DAO. Let’s meet up on Monday 3 PM UTC on the Mango discord to discuss, how we can sort out this mess.

— Mango (@mangomarkets) October 15, 2022

Mango Markets stated that entities that are owned and governed by their members without any form of central leadership will be allowed to vote on how to return the funds to users. 

Mango Labs co-founder, Daffy Durairaj, reveals that the program for depositors to regain funds is in progress and should be completed by Thursday. He equally applauded members and contributors for their support. 

Recall that the decentralized exchange suffered a deadly attack on October 11 following the successful looting of over $114 million by the exploiter.

Meanwhile, Avraham Einsenberg had come out to acknowledge being the perpetrator of the incident and promised to return the funds if there would be provision for bug bounty. 

It appears there is a peaceful resolution as initially touted by Mango Markets that efforts would be made towards constructively engaging the perpetrator in order to resolve the issues amicably.

Reviewing Bug Bounty and Crypto Hacks

Like Mango Markets, another DeFi project QANplatform also suffered similar attacks with perpetrators demanding for bug bounty. 

October has been dubbed the biggest month of crypto hacks according to the Chainalysis report.

Meanwhile, Mango Markets have rolled out three different DAO proposals pertaining to reimbursement of depositors. 

The community members are to vote accordingly. The first proposal requests the community to vote if they should send 42m USDC from the Treasury to the Upgrade council for reimbursements.

There are 3 DAO proposals up related to reimbursement of depositors

Proposal #1 – Send 42m USDC from Treasury to Upgrade Council for reimbursements (proposal expires on Thursday)

— Mango (@mangomarkets) October 18, 2022

The second proposal has to do with sending USDC and MNGO reimbursement only, while the third deals with existing assets, USDC and MNGO reimbursement only.

Proposal #2 (Option 1)- USDC & MNGO reimbursement only (trade 58mil of assets for USDC)

Proposal #3 (Option 2) – Existing assets, USDC & MNGO reimbursement only (trade 33m)

Proposal 2 and 3 are 24h votes and will expire in 7 hours.

— Mango (@mangomarkets) October 18, 2022