Mango Markets Hacker Gets $50 M of the Funds

DeFi platform Mango delivered updates on the recent $100 M hack. The team tweeted that $67 M in various cryptocurrencies have been returned to the DAO, while the hacker kept around $50 M.

$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

After the exploit, the hacker and Mango negotiated for several days. The attacker posted a proposal in the platform's governance forum asking members to erase bad debts on the platform. This proposal got rejected, and Mango posted a counter proposal, offering the hacker to keep about $50 M for the return of the rest of the funds, promising no criminal prosecution.

Related: DeFi Platform Mango Hit With $100 M Hack

A tweet by Mango says community members will meet to discuss how to refund the returned $67 million to users. It's not clear yet when users can get access to their funds, but the DAO will hold multiple votes next week.

Meanwhile, Twitter user Avraham Eisenberg announced he was involved in recent events.

Statement on recent events:

I was involved with a team that operated a highly profitable trading strategy last week.

— Avraham Eisenberg (@avi_eisen) October 15, 2022

Eisenberg said he was in a team that operated a highly profitable trading strategy. According to him, all actions were legal open market actions even if the development team didn't completely anticipate all the consequences of setting parameters the way they are.

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