Mango, a decentralized finance platform hosted on the Solana blockchain, has been exploited for over $100 million.
The exploit was initially reported on Twitter by blockchain auditors OtterSec, who say “the attacker was able to manipulate their Mango collateral.”
“The [MGNO] governance token was valued for far more than it should be,” OtterSec’s Robert Chen told CoinDesk. “With that, [the attacker] was able to take out large loans against it and then drain Mango’s [liquidity] pools. It’s like a lending-borrowing race: if you have overvalued collateral, you can then borrow against that collateral, and that’s what they did.”