Updated on 2022-12-29
The DoJ filed criminal charges against a hacker for stealing approximately $110 million in a fraud scheme targeting Mango Markets cryptocurrency exchange. Read more: U.S. charges fraud in Mango crypto manipulation case
Updated on 2022-12-28: “Highly profitable trading strategy” hacker detained
The US has charged and detained cryptocurrency trader Avraham Eisenberg, an individual who exploited the Mango Market cryptocurrency platform in what he described as a “highly profitable trading strategy.” Mango Market went insolvent after his “trades.” Obviously, Mango Market and DOJ officials didn’t view his “trading strategy” that way.
Avraham "Avi" Eisenberg @avi_eisen was arrested yesterday in Puerto Rico and charged with market manipulation offenses. pic.twitter.com/Vwmnbowll0
— Summers (@SummersThings) December 27, 2022
Statement on recent events:
I was involved with a team that operated a highly profitable trading strategy last week.
— Avraham Eisenberg (@avi_eisen) October 15, 2022
Updated on 2022-10-19: Mango Markets exploiter comes forward
In a series of tweets over the weekend, an individual named Avraham Eisenberg took credit for the attack on Mango Markets following which he walked away with $114 million worth of cryptocurrency. Eisenberg came clean after he was publicly identified as the attacker last week and after the Mango Markets community voted to allow him to keep $47 million of the exploited funds if he returned $67 million back to the platform, so it and all the other projects that depended on it could avoid insolvency. Read more:
We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation.
We are taking steps to have third parties freeze funds in flight. 1/
— Mango (@mangomarkets) October 11, 2022
Statement on recent events:
I was involved with a team that operated a highly profitable trading strategy last week.
— Avraham Eisenberg (@avi_eisen) October 15, 2022
Updated on 2022-10-14
While this might sound like an extreme reaction to something related to crypto, the details of the Mango Markets hack will justify just this.
Mango Markets, a trading and lending platform based on Solana, was hacked, and a bad actor stole US$117 million from the protocol.
On October 11, 2022 at 11:19 PM UTC, Mango Market was attacked for a total loss of roughly ~$116M.
The attacker was able to manipulate the price of the MNGO token and exploitatively borrowed more assets than what they were supposed to be able to.
— CertiK Alert (@CertiKAlert) October 12, 2022
October has shaped up to be the worst month for decentralized finance (DeFi) hacks ever.
According to Chainalysis data, October was the biggest month for hacking ever, with $718 million stolen from different DeFi protocols in 11 different hacks so far. Most of their targets are DeFi protocols; cross-chain bridges are the main target of hackershttps://t.co/Cy9mGTGzKc
— Wu Blockchain (@WuBlockchain) October 13, 2022
In an interesting turn of events, the hacker submitted a proposal on the platform’s governance forum to return most of the stolen money in exchange for not being criminally investigated.
The person then used the MNGO tokens they owned to vote “yes” on the proposal, which now has a 99.9% approval rate.
Yes, DeFI is a weird place.
Just smashed my monitor in front of 22 guests at my sons birthday party because of a Solana block explorer. My wife just took our crying kids and said they’re all spending the week at her mom’s house. This crypto shit has ruined my marriage. I can’t handle this anymore. Goodbye.
— ZachXBT (@zachxbt) October 11, 2022
Updated on 2022-10-13
Cryptocurrency trading platform Mango Markets suffered a flash loan attack in which the attacker stole over $100 million in cryptocurrency. Read more: Crypto trading platform Mango Markets drained of more than $100 million in flash loan attack
Overview
DeFi platform Mango Markets said it was hacked on Tuesday. While the company didn’t disclose the sum, early estimates claim hackers stole ~$112 million worth of cryptocurrency from the platform. Other details are currently unavailable.
Four hacks in one day might be a new record 🤯
More than $115M was stolen from DeFi protocols TODAY.
👇
— The Defiant (@DefiantNews) October 12, 2022
