Mango Harvest – Hackers Steal $100 Million From DeFi Platform Mango Markets

Mango Markets, a decentralized trading platform on the Solana blockchain, has become “ripe for harvest” when it fell victim to hackers who stole more than $100 million from the platform, Fortune reported Wednesday.

The hack looked to be the consequence of a price manipulation on Mango Market’s native MNGO token, according to a tweet from the platform.

The perpetrator initially deposited $5 million in USDC to the network before opening an unusually big long position, according to a Twitter post by blockchain security firm Hacken.

This drove the price of MNGO to increase by approximately 1,000% in just a few minutes, while elevating the collateral value of the hacker’s account.

It appears that the hacker was able to subvert their collateral on the platform, allowing the attacker to obtain oversized loans from Mango’s treasury, according to blockchain auditing firm OtterSec, which was the first to discover the vulnerability.

The team of engineers at Mango stated that they have initiated an inquiry into the incident. The platform ad