After $114 million attack, Mango Markets implements new security measures to protect users

Solana-based decentralized exchange (DEX) Mango Markets has announced the rollout of version four (v4), unveiling two new features designed to mitigate potential security threats. The exchange had temporarily suspended operations in October after an exploit resulted in $114 million being siphoned out of the system.

To protect against future hacks or exploits, Mango will impose limits on its multi-sig wallet and allow the security council to put the protocol into “post-only mode” in response to unforeseen market conditions. This would involve a vote by the decentralized autonomous organization (DAO) over whether to halt trades, force settlement, or update risk parameters.

Emergency program upgrades are rare, but two points seem unavoidable, require response within a few hours, and the need to avoid public disclosure.

A) response to unforeseen market dynamics

B) reaction to a vulnerability disclosure concerning the program code

— Mango (@mangomarkets) February 24, 2023

Mango, which had processed over $28 billion in transactions since its inception before halting operations, is expected to release its v4 product into beta mode over the coming months. A definitive date has yet to be announced.