Monday, September 15, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Exploiter Could Walk Away With Unparalleled ~$50M Bug Bounty

by Taylor Scott
October 15, 2022
in Cryptocurrency
Reading Time: 2 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Forget March Madness, Mango Madness is in season this time of year. The Solana-based lending protocol has been a spectacle unlike any other throughout this week, and that’s certainly saying something considering the amount of antics crypto brings to the table on frequent occasion. Since our first covering of Mango’s exploit that led to a full-fledged drain of the protocol, things have only gotten more twisted and convoluted.

Let’s take a look at how things have developed this week and where things go for Mango Markets moving forward.

A Mango Monstrosity

Mango’s exploiter has generally been seen in the crypto community as less “hacker” and more “manipulator,” if we’re being frank. Regardless, things got interesting after Tuesday’s exploit when the attacker initiated a governance proposal; that proposal is said to have closed. However, a subsequently-created proposal by Mango Markets (which has now passed, as of Saturday morning) is phrased as a bug bounty to make users whole, but it settles Mango with just shy of $70M of their existing $114M balance. That leaves the exploiter with a nearly $50M ‘bug bounty,’ a strikingly large number compared to any previous bug bounty in crypto and one that has led to a large degree of criticism (look no further than the governance proposal’s comment section for evidence of this).

The exploiter quickly deployed the MNGO tokens that they seized (roughly 30M tokens) to vote in favor of their own initial proposal, but did not seem to vote on the subsequent and closing proposal – which nonetheless closed at a tally of 473M in favor and 16.6M against. The exploiter has seemingly gained protection through the proposal as well, as the protocol “will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described,” according to the proposal’s language.

Mango Markets (MNGO) is looking for stable ground to see if recovery is possible following Tuesday's exploit. | Source: MNGO-USD on TradingView.com

What’s Next

It’s hard to say where we go from here, and what degree of protection that attacker will actually see. The exploiter has reportedly funded attacking accounts with an FTX wallet, and their degree of protection is up for speculation.

Regardless, even when you deduct the initial $10M balance that the exploiter introduced into Mango, the protocol is generally giving up a heftier sum then usually seen in these scenarios – one of the largest in crypto’s history, in fact. We’ll see if the protocol can keep the heartbeat alive and shut down critics in the long run.

Featured image from Pixabay, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.



Source link

Tags: 50MBountybugExploiterunparalleledWalk
Previous Post

Uganda’s president announces lockdown measures to curb deadly Ebola outbreak

Next Post

will keep funding Ukraine, even though Starlink is losing money By Reuters

Related Posts

Hot and Cold Crypto Wallet: Which One is Safer and Smarter in 2025 | by Swapan Das | The Capital

Hot and Cold Crypto Wallet: Which One is Safer and Smarter in 2025 | by Swapan Das | The Capital

by Swapan Das
September 10, 2025
0

Press enter or click on to view picture in full measurementpicture edit by Creator utilizing CanvaThose that are investing or...

Germany’s Biggest TV Channel Features Ripple, XRP On Air

Germany’s Biggest TV Channel Features Ripple, XRP On Air

by Christian Encila
September 5, 2025
0

Ripple and its native token XRP have been given uncommon mainstream publicity on German finance channel Der Aktionar TV. In...

Incremental Learning in AI 2025: Overcoming Catastrophic Forgetting & Boosting Efficiency | BitX Case Study

Incremental Learning in AI 2025: Overcoming Catastrophic Forgetting & Boosting Efficiency | BitX Case Study

by Euro Times
September 4, 2025
0

Navigating the Shift from Static Models to Dynamic, Lifelong Learning Systems 1. Why AI Needs to Evolve: Beyond Static Intelligence...

12 Months of Crypto in 2 Columns: 5-Digit Winners and Double-Digit Losers

12 Months of Crypto in 2 Columns: 5-Digit Winners and Double-Digit Losers

by Jamie Redman
August 31, 2025
0

Crypto’s final 12 months delivered excessive dispersion, with a cluster of tokens posting four- and five-digit positive factors whereas a...

BitX Mining & BitX V2 Accelerator: Driving AI-Powered Web3.0 Growth in Turkey and Iran

BitX Mining & BitX V2 Accelerator: Driving AI-Powered Web3.0 Growth in Turkey and Iran

by Euro Times
September 1, 2025
0

BitX Mining is emerging as a global innovator in AI-driven Bitcoin mining technology, introducing solutions that redefine efficiency, accessibility, and...

JPMorgan Commits 0M to AI Hedge Fund Numerai

JPMorgan Commits $500M to AI Hedge Fund Numerai

by Cointelegraph By Sam Bourgi
August 26, 2025
0

Numerai, an AI-driven hedge fund backed by Paul Tudor Jones, has secured a dedication of as much as $500 million...

Next Post
will keep funding Ukraine, even though Starlink is losing money By Reuters

will keep funding Ukraine, even though Starlink is losing money By Reuters

Fed’s Bullard Leaves Open Possibility of Larger December Hike

Fed’s Bullard Leaves Open Possibility of Larger December Hike

Israel Information Center organizes award ceremony for books on Shimon Peres, Moshe Sharett

Israel Information Center organizes award ceremony for books on Shimon Peres, Moshe Sharett

September 14, 2025
Festive offers, tax cuts to fuel retail lending by banks

Festive offers, tax cuts to fuel retail lending by banks

September 14, 2025
Vibe coding has turned senior devs into ‘AI babysitters,’ but they say it’s worth it

Vibe coding has turned senior devs into ‘AI babysitters,’ but they say it’s worth it

September 14, 2025
Phoenix to finance four Enav urban renewal projects

Phoenix to finance four Enav urban renewal projects

September 14, 2025
BSE seeks further tightening in SME IPO rules

BSE seeks further tightening in SME IPO rules

September 14, 2025
Businesses Are Putting 22% Of Their Profit In Bitcoin, Report Says

Businesses Are Putting 22% Of Their Profit In Bitcoin, Report Says

September 14, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Israel Information Center organizes award ceremony for books on Shimon Peres, Moshe Sharett

Festive offers, tax cuts to fuel retail lending by banks

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In