Mango released an attack incident report, stating that all parties have communicated in MangoDAO and expressed a willingness to negotiate
ChainCatcher news, Mangao's official Twitter released a report on the attack incident. It stated that the protocol experienced the following events around 6:00 AM Beijing time on October 12: two accounts funded by USDC held excessively high positions in MNGO-ERP, and the underlying MNGO/USD prices on various exchanges (FTX, Ascendex) surged 5-10 times within a few minutes, causing the Switchboard and Pyth oracles to update their MNGO benchmark price to above $0.15. This further led to unrealized profits increasing the market value of accounts long on MNGO-ERP, allowing those accounts to borrow and withdraw BTC (sollet), USDT, SOL, mSOL, and USDC from the Mango protocol, resulting in a maximum borrowing limit of $190 million equivalent deposits on the platform, with the net worth withdrawn by those accounts being approximately $100 million. At 10:37 AM on October 12, Mango program instructions were frozen to prevent any users from further interacting with the protocol.Additionally, parties involved in this incident have communicated within MangoDAO, expressing their willingness to negotiate. The next priorities for MangoDAO are: 1. Prevent further unnecessary losses. 2. Ensure that depositors of the Mango protocol receive full compensation. 3. Attempt to salvage some value of the MangoDAO protocol and rebuild. (Source link)
