Following the attack of Solana-based decentralized finance (DeFi) Mango Markets on Oct. 11, the purported hacker has promised to send back the stolen $100 million in MSOL, SOL, and MNGO if Mango Markets promises to pay back bad debt using USDC available in its treasury as per a report.
The hacker maintains that his part of the agreement will be fulfilled if Mango Market adheres to the stated ultimatum.
The piece of information was posted on Mango’s governance proposal platform, where he stated that Mango’s treasury of about $70 million should be used to repay bad debt within the protocol.
The bad debt is related to the bailout fund that Mango Markets and rival Solana lending platform Solend both put together for a big Solana whale that had $207 million in debt.
At some points, it was gathered that the whale had borrowed upto 88% of the available USDC on Solend. The bailout was instituted over concern that if the SOL token drops by another 20%, the position of the whale will be liquidated which will have adverse effect on Solana ecosystem.
As part of the conditions, the hacker also wants Mango Markets DeFI to promise that they will not pursue a criminal investigation or freeze his funds after refunding stolen funds.
Meanwhile, the DeFi exchange is yet to directly respond to the conditions/ultimatums at the time of filing this report.
The exchange, however, maintains that it will engage in constructive communication with the perpetrator of the incident so as to resolve the issue without a hitch.
It was earlier reported by OtterSec, a blockchain auditors, that the hacker carried out the attack by manipulating the price data of the Mango native token ($MNGO) before taking out collateral loans against their holdings.
On the contrary, Mango Markets tweeted that they would like to clarify that there was no issue or problem with their oracle providers, adding that the oracle price reporting worked accordingly.
Mango Markets DeFi In Search of Solutions
Following the attack, Mango Markets has warned users not to deposit funds to the DeFi platform until the issue is fully resolved. The DeFi exchange also urged the attacker to reach out to them for a bug bounty discussion.
In view of the attack, the price of its native token (MNGO) has fallen significantly by 52%. As at the time of filing this report, it trades at $0.0257 according to data from CoinMarketCap.
Like Mango Markets, QANplatform also suffered an attack on Oct. 11 and it maintains that it is conducting rigorous investigations in order to unravel the incident.
