Mango Markets Drained Of $100 Million In Month’s Largest Crypto Theft

It has been reported that in the second $100 million DeFi hack this week, Mango Markets was drained of $100 million in funds due to an exploit. Mango Markets tweeted Tuesday evening that a hacker was able to empty funds from Mango via an oracle price manipulation.

Only last Thursday,$100 million was stolen from the Binance Smart Chain, another DeFi protocol.

The full story can be found here: https://decrypt.co/111727/solana-defi-trading-platform-mango-markets-loses-100m-in-hack

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Rebecca.moody
Rebecca.moody , Head of Data Research
InfoSec Expert
October 12, 2022 2:16 pm

Overnight, Mango Markets (a Solana-based DeFi platform) was hacked to the tune of $116 million, making this the largest crypto theft in October 2022 so far, according to Comparitech’s crypto heist tracker. It’s also the seventh major crypto heist this month, with four of these taking place in the last 24 hours. As well as the hack on Mango Markets, exploits are also being reported on:

  • TempleDAO: the platform says that this is an exploit on the StaxLPStaking contract with reports suggesting approx. $2.34 million has been stolen 
  • QANplatform: the platform was the target of a bridge attack in which 1.4 billion QANX were stolen and swapped for 3,090 BNB and 256 ETH, which equates to around $1.2 million
  • Rabby Wallet: the smart contract was hacked and stolen funds are still being traced (PeckShield notes 179 BNB ($51,500) being transferred by the exploiter and CertiK notes 114 ETH ($147,000) being transferred)

These follow last week’s hack on the BNB Chain which saw hackers trying to steal over 2 million BNB (worth over $570 million) but only managing to make off with $100-110 million (we await Binance’s post-mortem to confirm the final figures). 

So far this month, crypto hacks have seen almost $250 million stolen. These seven hacks also take the number of heists this year to 137, exceeding last year’s total of 132. The amount stolen in 2022 so far equates to $2.53 billion, which is just short of last year’s overall total of $2.74 billion. 

Mango Market’s hacker is also asking for a $70 million bounty reward. This follows the hacker from Transit Swap’s exploit agreeing to return 10,000 BNB ($2.74m) to the victims after a further $18.9m was returned when the hacker’s IP address was traced by security experts.

Last edited 1 month ago by rebecca.moody
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