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Decentralized Solana-based trading platform Mango reportedly hit by $115 million exploit

Decentralized Solana-based trading platform Mango reportedly hit by $115 million exploit thumbnail

Mango Markets, a decentralized trading platform on the Solana blockchain, looks to be the latest victim of a massive hack within the crypto realm.

On Tuesday evening, Mango noted on Twitter that it’s “currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation,” adding that it’s disabling deposits as a precaution.

Currently, around $117 million appears to have been drained.

We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.

If you have any information, please contact blockworks@protonmail.com to discuss a bounty for the return of funds. 2/

— Mango (@mangomarkets) October 11, 2022

Blockchain audit firm OtterSec noted that it looks like  an attacker was able to “manipulate” their collateral on Mango, which in turn let them borrow outsized loans from the platform’s treasury: “They temporarily spiked up their collateral value, and then took out massive loans from the Mango treasury,” OtterSec wrote.

It appears 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. pic.twitter.com/2IJrB9RcEJ

— OtterSec (@osec_io) October 11, 2022

Mango has not yet confirmed the cause for the apparent exploit. 

Fortune reached out to Mango and Solana for comment but did not immediately hear back.

This potential exploit is among a string of hacks to hit the crypto ecosystem recently—there were multiple hacks today alone, and last week, a bridge used by crypto exchange Binance was hacked for $100 million.

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The Solana ecosystem has had a particularly rough year: The blockchain itself has dealt with multiple outages, degraded performance, and network instability. On Sept. 30, for example, Solana had a major outage that took hours to recover from. Solana-based applications have experienced security issues as well, including the recent $5 million Slope Wallet hack.

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