{"id":500939,"date":"2022-10-15T00:16:43","date_gmt":"2022-10-14T21:16:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mango-markets-dao-forum-set-to-approve-47m-settlement-with-hacker\/"},"modified":"2022-10-15T00:16:43","modified_gmt":"2022-10-14T21:16:43","slug":"mango-markets-dao-forum-set-to-approve-47m-settlement-with-hacker","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mango-markets-dao-forum-set-to-approve-47m-settlement-with-hacker\/","title":{"rendered":"# Mango Market&#8217;s DAO forum set to approve $47M settlement with hacker"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a38f90cddd8f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a38f90cddd8f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/mango-markets-dao-forum-set-to-approve-47m-settlement-with-hacker\/#%E2%80%9D_Mango_Markets_DAO_forum_set_to_approve_47M_settlement_with_hacker_%E2%80%9C\" >&#8221; Mango Market&#8217;s DAO forum set to approve $47M settlement with hacker &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Mango_Markets_DAO_forum_set_to_approve_47M_settlement_with_hacker_%E2%80%9C\"><\/span>&#8221; Mango Market&#8217;s DAO forum set to approve $47M settlement with hacker &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNWEzYzJjZTEtNWQwMy00NTgyLTllNWYtNDg2ZTI2ZjQyZjQzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>Following a $117 million exploit on Oct. 11, the Mango Markets community is set to make a deal with its hacker,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dao.mango.markets\/dao\/MNGO\">allowing<\/a> the hacker to keep $47 million as a bug bounty, according to the decentralized finance (DeFI) protocol governance forum.\u00a0<\/p>\n<p>The proposed terms reveal that $67 million of the stolen tokens will be returned, while $47 million will be kept by the hacker. 98% of the voters, or 291 million tokens, have voted in favor of the deal, which also stipulates that Mango Markets will not pursue criminal charges on the case. <\/p>\n<p>With the quorum reached, the voting is likely to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en on Oct. 15. The proposal stated:<\/p>\n<blockquote><p>&#8220;The funds sent by you and the mango DAO treasury will be used to cover any remaining bad debt in the protocol. All mango depositors will be made whole. By voting for this proposal, mango token holders agree to pay off the bad debt with the treasury, and waive any potential claims against accounts with bad debt, and will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described above.&#8221;<\/p><\/blockquote>\n<p>On <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, members of the community reacted to the development:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Mango hacker securing himself a ~$47m bug bounty.<\/p>\n<p>Biggest crypto bounty by far? <\/p>\n<p>The current bounty going rate of 10% of exploited funds is going to need to be repriced lmao. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/FcHkEbwY7u\">pic.twitter.com\/FcHkEbwY7u<\/a><\/p>\n<p>\u2014 Hsaka (@HsakaTrades) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/HsakaTrades\/status\/1580951555217334272?ref_src=twsrc%5Etfw\">October 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The proposal has been questioned at the governance forum as well, as stated by one voter:<\/p>\n<blockquote><p>&#8220;Agree 100% that making users funds whole ASAP is the top priority but a $50m &#8220;bug bounty&#8221; is ridiculous. At most the exploiter should get their costs back ($15m?) plus $10m. $10m whitehat bounty is what was offered to the $600m wormhole hacker. Mango can negotiate better than this, especially given the exploiter is essentially doxed.&#8221;<\/p><\/blockquote>\n<p>The hacker performed the attack by manipulating the value of the MNGO native token collateral, then taking out \u201cmassive loans\u201d from Mango\u2019s treasury. After draining the funds, the hacker\u00a0demanded a settlement, filling a proposal on the Mango Market&#8217;s decentralized autonomous organization (DAO) forum asking for $70 million at that time.\u00a0<\/p>\n<p>Moreover, the hacker has voted for this proposal using millions of tokens stolen from the exploit. On Oct. 14, the proposal reached the required quorum to pass. In exchange for the settlement, the hacker requests that users who vote in favor of the proposal agree to pay the bounty, pay off the bad debt with the treasury, waive any potential claims against accounts with bad debt and not pursue any criminal investigation or the freezing of funds.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/mango-market-s-dao-forum-set-to-approve-47m-settlement-with-hacker\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Mango Market&#8217;s DAO forum set to approve $47M settlement with hacker &#8220; Following a $117 million exploit on Oct. 11, the Mango Markets community is set to make a deal with its hacker,\u00a0allowing the hacker to keep $47 million as a bug bounty, according to the decentralized finance (DeFI) protocol governance forum.\u00a0 The proposed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":500940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNWEzYzJjZTEtNWQwMy00NTgyLTllNWYtNDg2ZTI2ZjQyZjQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,74882,70944,73808],"class_list":["post-500939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-hacks","tag-hackers","tag-loans"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/500939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=500939"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/500939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/500940"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=500939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=500939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=500939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}