Threat Management

More than $100M stolen in flash loan attack against Mango Markets

Cryptocurrency trading platform Mango Markets has been impacted by a flash loan attack that has resulted in the theft of more than $100 million, reports The Record, a news site by cybersecurity firm Recorded Future. After disabling deposits and seeking third parties to freeze stolen funds, Mango Markets disclosed on Twitter that two accounts have been leveraged by the attacker to artificially increase MNGO coin prices by five- to tenfold, enabling the borrowing and withdrawal of virtual currencies from the Mango platform. After raising MNGO coin values to over 2,000% higher than before, previously purchased coins have been used by the attacker to borrow more than $54 million worth of USDC, over $25 million worth of mSOL, nearly $23 million worth of SOL, and $5 million worth of Bitcoin, according to CertiK CEO Ronghui Gu. Mango Markets noted that it has already been contacted by the hacker regarding the attack. "We believe the most constructive way to approach this is to continue communicating with those responsible for the incident and in control of the funds removed from the protocol to attempt to resolve the issues amicably," said Mango Markets.

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