An unknown person has stolen about $116 million in digital assets from the Solana-based DeFi trading and lending platform Mango Markets.
The attacker has allegedly used a USDC 5 million deposit to manipulate the price of the native MNGO token by opening a large margin position in perpetual swaps. Due to low liquidity in the spot market, the price of the asset briefly jumped from $0.038 to $0.91, which is about 2,295%.
The increase in the value of collateral in MNGO allowed the hacker to borrow and withdraw funds from the protocol in several coins.
The team of developers behind the project have said:
“We are currently investigating an incident in which a hacker took funds out of Mango using oracle price manipulation.”
