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$100M drained from Solana DeFi platform Mango Markets, token plunges 52%

$100M drained from Solana DeFi platform Mango Markets, token plunges 52% thumbnail

The platform’s treasury was drained of over $100 million worth of cryptocurrency after an attacker manipulated price data of its native token to take out loans against their holdings.

Solana (SOL) based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them to take out under-collateralized cryptocurrency loans.

The exploit was first identified by blockchain security firm OtterSec which tweeted the exchange had been drained of over $100 million due to the attacker manipulating the value of their Mango (MNGO) native token collateral, then taking out “massive loans” from Mango’s treasury.

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