A few days after the Mango Markets platform, developed on the Solana (SOL) blockchain, was robbed of $114 million, the project’s DAO passed a vote to leave $47 million to the hacker if he agreed to withdraw. return 67 million. An amount deemed far too large according to some members of the community.
The Mango Markets community makes a proposal
Following the recent hack of the Mango Markets platform, a governance proposal was accepted today aimed at to let the hacker keep 47 million dollars if he agreed to pay 67 million dollars to a Mango wallet. According to the project’s governance protocol, this will allow Mango Markets to repay its irrecoverable debts (bad debt) and regain liquidity.
The voting proposal was accepted today with a very large majority of votes in favor. At the time of its finalization, it collected more than 473 million positive votes, against only 16.6 million negative, that is to say 96.6% of final favorable opinions.
These votes are made possible thanks to a system decentralized autonomous organization (DAO), a major component of Web3 that allows communities to structure themselves around governance rules directly written into smart contracts. If you want to know more, you can read our detailed explanation of what a DAO is.
These 47 million dollars will be considered as a form of “bug bounty”, a reward usually paid to hackers who discover flaws and who inform the projects concerned. The Mango Markets hacker already having 114 million dollars on his wallet in the form of different tokens, it thus depends only on him to pay the 67 million requested and keep the remaining amount.
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A proposal subject to differences
It is likely that this governance proposal will be seriously studied by the Mango Markets hacker, insofar as if he resolves to cooperate, the platform will abandon any attempt to take legal action against it.
Indeed, it is possible that the latter could see his identity revealed insofar as he initially deposited his funds on FTX, a cryptocurrency exchange. which requires identification via the Know Your Customer (KYC) process, an action that requires submitting identity documents. However, it remains of course possible that the hacker has made arrangements and issued false documents.
Anyway, some members of the Mango Markets community judged that this reward was disproportionate to the hack :
“I agree 100% that the top priority is to restore user funds as quickly as possible, but a $50 million bug bounty is ridiculous. At most, the exploiter should be reimbursed for its costs ($15 million?) plus $10 million. A bounty of $10 million is what was offered to the Wormhole hacker who won $600 million. Mango can negotiate better than that, especially since the exploiter is essentially doxed. »
Some have also pointed out that the fault was reported in March to the Mango Markets team via their Discord server, screenshot to support. What Mango still hasn’t answered…
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Source: DAO Mango Markets
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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