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Mango Markets Community Counters Exploiter’s Settlement Offer
The initial offer appeared to have been rejected.
The community of Solana-based DeFi platform Mango’s has approved a counteroffer to its exploiter as the group seeks to retrieve its stolen assets.
Mango was exploited earlier this week for over $100 million, sending its MNGO token plunging.
STORY CONTINUES BELOW
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“Within 12 hours of the proposal opening, you shall send back the assets other than USDC, MSOL, MNGO, and SOL as a show of good faith,” reads the counteroffer. “The remaining assets shall be sent within 12 hours once the vote is complete and passes,” the community wrote in its proposal.”
The bad debt that’s the center of discussion for proposals and counter proposals comes from a bailout that Mango Markets and rival Solana lending platform Solend put together for a large Solana whale that had $207 million in debt spread across multiple lending platforms.
The vote has passed, with 96.3% of respondents voting in favor of the resolution.
It appears that the exploiter’s original offer was rejected as less than 10% of respondents have voted in favor, and a quorum wasn’t reached.
The exploiter has yet to respond to the community’s counter offer.
Read more: How Market Manipulation Led to a $100M Exploit on Solana DeFi Exchange Mango
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
