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Mango Markets proposes to pay users back in different tokens after the $114 million hack. If the proposal is approved, the amount users receive will be determined by their Mango Markets account balance at the time the attacker funded it.

Mango Markets proposes to pay users back with different tokens after a $114 million hack last week.

The platform will display a snapshot of balances starting an hour before the attacker made his initial deposit on Oct. 11, at 6:19 p.m. ET. Mango Markets made the motion during a Discord call this morning. Once the proposal is published, the DAO will have 72 hours for voting.

Avraham Eisenberg, self-described digital art dealer, admitted that he was behind the hack. He claimed that he did not do anything illegal. Over the weekend, the Mango community voted to let Eisenberg keep $47 million and return $67 million. The accepted bounty proposal by the attacker was conditional on all stolen funds being returned to him. In addition, he ordered him to pay back $67 million to those who were affected by the exploit.

Hackers are having a field day in the web3 sector. According to Chainalysis, October is the month with the most crypto funds hacked in one month. 

According to the blockchain analytics company, there were 11 hacks that totaled $718 million in October.

Mango Markets cofounder Daffy Durairaj stated in Discord that one of the main goals of the repayment strategy was to reduce the difference between tokens users had before the exploit and tokens they will get.

A snapshot will be used to settle all perpetual futures or borrowed funds. Profit and Loss (PNL), will be converted into USDC.

Mango Markets will then sort through every token in its treasury in order of least to greatest and repay the borrowed amounts in that order. To calculate the total repayment, Mango Markets will use the price of tokens paid to users.

To minimize volatility and price impact, the plan is to first distribute tokens with the lowest balance.

He stated that the MANGO token would not be paid until the end of the project because MANGO’s price had changed the most since the snapshot. It has fallen about half a percent since the exploit.

The post Mango Markets Sets Out Plan to pay Back Victims of Recent $114 Million Hack first appeared on The Daily Encrypt.


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Angie Byrd