SOLANA based MNGO token down over 42% after suffering from decentralized finance exploit!

by | Oct 25, 2022 | Market News, Solana | 0 comments

We all know that Solana is a high-performance blockchain that helps the builders around the globe to create crypto apps that scale these days. Despite being one of the quickest growing crypto currencies, the Solana cost was affected quite badly at the time when the crypto market was bleeding. However, now it started to like Solana is recovering very well and far better than many others crypto currencies. It is, once again, covering its path towards gaining its market value.

Mango (MNGO) is a decentralized crypto trade on the Solana blockchain that offers clients the capacity to make spot exchanges and loans. Mango’s MNGO token was down more than 42% in the early October with the fears that the platform might have been exploited, as per price information at CoinMarketCap.

The MNGO Exploit:

The decentralized SOLANA platform was exploited for more than $100 million. The incident was at first reported on Twitter by blockchain reviewers who stated that the attacker successfully took control of their Mango collateral. However, after a while, Mango also affirmed the incident in a tweet by expressing that it was “investigating an exploit where a hacker successfully emptied funds out of Mango by means of oracle price manipulation.

The drained assets remained, at press time, on the Solana blockchain. In comparative cases, centralized exchanges like Binance, Coinbase and Kraken – the main entities with enough liquidity for somebody to cash out sums this huge – have blacklisted affronting addresses.

In its underlying explanation, Mango stated that it was doing whatever it takes to have third parties freeze finances in flight and disabling deposits toward the front as a safety measure.

If you are nearly connected to the crypto world then you must have an idea that the exploits are becoming a trend in here. Every other day we hear the news of hacks and exploits even on the biggest platforms. Recently, many big platforms including Binance experienced serious exploits and hacks and it is high time that all of the huge platforms take a deep insight into this matter and make sure that the security is more than perfect.