Mango Markets Proposes $47 Million Bug Bounty Deal with Hacker

Mango Markets offers hacker $47 million as bug bounty, with 98% of voters approving the deal to recover $67 million of stolen funds.

Published on 2022-10-16

Mango Markets Reaches Deal with Hacker

Mango Markets, a decentralized finance (DeFi) protocol, has proposed a unique resolution following a $117 million exploit on October 11. The community has agreed to allow the hacker to retain $47 million as a bug bounty, while $67 million of the stolen tokens will be returned.

Terms of the Agreement

The deal, approved by 98% of voters (representing 291 million tokens), includes the following terms:

The hacker will keep $47 million as a bug bounty.
$67 million of the stolen funds will be returned to Mango Markets.
Mango Markets will not pursue criminal charges against the hacker.

Community Response

The overwhelming approval reflects the community's prioritization of recovery and stability. This decision underscores the evolving nature of DeFi governance and the importance of pragmatic solutions in maintaining protocol security.

The agreement highlights the balance between accountability and practicality in the DeFi space, as Mango Markets aims to move forward and restore investor confidence.

What is Coinefficiency?

Coinefficiency is your go-to platform for optimizing cryptocurrency trading, investments and strategies. We provide a comprehensive suite of tools to analyze market trends, monitor price movements, and execute effective trading strategies. Whether you're a seasoned trader or new to crypto, Coinefficiency helps you maximize your profits with data-driven insights.

Why Use Coinefficiency?

Advanced market analytics to identify trading opportunities.
Compare markets relative performance.
Understand market cycles over time. See market levels.
Compare buy-and-hold, portfolio rebalancing, Dollar-Cost-Averaging trading strategies.

With Coinefficiency, you can stay ahead of the market and execute efficient trading strategies effortlessly.

Get Started with Coinefficiency

Ready to optimize your crypto investments? Take control of your portfolio with cutting-edge tools designed for both beginners and experts.