Solana-Based DeFi Platform Mango Hit by Potential $100M Exploit

Blockchain security agency OtterSec tweeted that Mango, a Solana-based DeFi platform, was drained for over $100M. The attacker was able to manipulate their Mango collateral. They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury.

In response, Mango said the team currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation. They are taking steps to have third parties freeze funds in flight. Mango will be disabling deposits on the front end as a precaution.

According to TokenInsight data, $MNGO price dropped 52.05% over the last 24 hours, trading at $0.019026 now.