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    Mango Market's DAO forum is ready to agree $47 million settlement with hacker.

    TheMorningCrypto Desk
    TheMorningCrypto Desk
    Published on October 15, 2022 6:22 PM

    Updated on January 9, 2023 12:51 PM

    According to the decentralised finance (DeFI) protocol governance forum, the Mango Markets community is prepared to reach an agreement with its hacker, letting him keep $47 million as a bug reward, following a $117 million vulnerability on October 11.
    Mango Market's DAO forum is ready to agree $47 million settlement with hacker.

    According to the suggested agreements, the hacker in this case will keep $47 million while returning the remaining $67 million in tokens. The settlement has received support from 291 million tokens, or 98% of the voters, and also guarantees that Mango Markets will not take legal action in the matter.

    The voting will probably take place on October 15 now that the quorum has been attained. The suggestion said: "Any leftover bad debt in the protocol will be paid for using the money given by you and the mango DAO treasury. Mango depositors will all be fully reimbursed. By supporting this proposal, the holders of mango tokens consent to the treasury paying off the bad debt, waiving any claims they may have against accounts with bad debt, and resolving to stop any criminal investigations or money-freezing actions once the tokens have been returned as previously stated."

    According to one voter, the plan has also been questioned in the governance forum "Totally agree that returning user monies as soon as possible should be the primary goal, but a $50 million "bug bounty" is absurd. The exploiter should at most recoup their expenditures ($15 million?) + $10 million. The $600 million wormhole hacker was promised a $10 million whitehat bounty. Mango is better than this at negotiating, especially since the exploiter has practically been doxed."

    The hacker obtained "large loans" from Mango's treasury to carry out the assault by altering the value of the MNGO native token collateral. After stealing the money, the hacker requested payment and posted a request for $70 million on the Mango Market's decentralised autonomous organisation (DAO) forum at the time.

    Additionally, the hacker used millions of tokens that were taken through the attack to vote in favour of this proposition. The quorum needed for the proposal to pass was attained on October 14. The hacker urges that users who vote in favour of the settlement agree to pay the reward, settle the bad debt with the Treasury, renounce all claims against accounts with bad debt, and forego any criminal investigation or money-freezing actions in exchange for the settlement.