Hackers Steal Over $115M From Mango Markets In a Day

Key Takeaways:

  • Several DeFi protocols have suffered fresh attacks by hackers
  • As per reports, over $115 million has been stolen in the series of exploits
  • Mango Markets was the largest victim, with over $100 million stolen in various tokens
Hackers Steal Over $115M From Mango Markets In a Day
Hackers exploited several DeFi protocols for millions of dollars in fresh attacks

YEREVAN (CoinChapter.com) — Decentralized Finance (Defi) protocols remain hot targets for exploiters. According to reports, hackers have stolen over $115 million daily in separate onslaughts. The majority of these stolen funds, over $100 million, come from Solana Defi Trading platform Mango Markets. 

Defi news portal The Defiant shared the news in a long Twitter thread. According to the platform, so many hacks in one day could be a new record.

DeFi protocols suffer new attacks, with millions stolen.
DeFi protocols suffer new attacks, with millions stolen.

Rabby Swap hit with a $200,000 exploit

Barely a month after its launch, Rabby crypto wallet’s Rabby Swap has already suffered an exploit. According to reports, hackers discovered a vulnerability in the smart contract and took advantage of it. This enabled the attackers to transfer over $200,000 in crypto assets belonging to other users. 

“Rabby Swap smart contract has suffered from a hack attack. We’re still tracking the stolen funds and we will deliver a satisfying solution for users within 1 week,” 

the company announced on Twitter. 
Rabby Swap hit with a $200,000 exploit
DeFi protocol Rabby Wallet suffered a hack

Attackers also used Tornado Cash to cover their tracks as they tumbled 114 Ethereum (ETH) tokens worth around $146,000 and 179 Binance Coin (BNB), valued at around $49,000. 

Meanwhile, developers have asked users to revoke all approvals as they investigate the incident.

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Defi Protocol Temple DAO hacked. $2.3M stolen

According to various Twitter posts, Temple DAO is one of the DeFi protocols that fell victim to the latest hacks. Per initial reports, grifters walked away with as much as $2.3 million in exploits.

Paladin Blockchain Security alerted the project’s developers about the hack on its payment processor Stax. 

“Temple DAO’s Stax.fi was exploited 1 hour ago for a total value of $2.3m (1,831 ETH). We have reached out to the team to assist and have contacted Binance which the wallet was funded by,” 

the Tweet read. 

Blockchain security firm PeckShield also later verified the exploit. Meanwhile, STAX asked users not to deposit any funds in the contracts until further notice while also giving details about the hack.

DeFi protocol Temple DAO's Stax. fi was exploited for $2.3 million
DeFi protocol Temple DAO’s Stax. fi was exploited for $2.3 million

According to DeFi Llama, the Total Value Locked (TVL) of Temple DAO is $56.96 million. STAX also announced they would give the attacker a white hat bounty if they choose to return the funds.

Mango Markets loses over $100 million in subsequent DeFi attack

Solana Defi Trading platform Mango Markets (MNGO) suffered the largest hack this week. As per reports, its losses from the recent exploit amount to a whopping $116 million.

According to initial reports, a hacker manipulated the oracle price on the protocol to drain the funds.

A hacker drained over $100 million from DeFi protocol Mango Markets
A hacker drained over $100 million from Mango Markets

As a result, the hacker took out a $116 million loan from Mango’s treasury, leaving it with a negative balance of the same amount.

During the heist, the grifter managed to steal various crypto assets, including Solana (SOL), USD Coin (USDC), and Bitcoin (BTC), among others.

Meanwhile, the hacker has posted a proposal on the Governance Protocol, promising to return the funds if Mango repays the bad debts of all accounts from its treasury. The debt stems from the $207 million bailout of a large Solana whale, along with rival lending platform Solend in June 2022.

At the time of writing, his proposal had received 9.99% support from the community. 

MNGO, the native token of Mango Market, tanked following a hack on the DeFi protocol
MNGO, the native token of Mango Markets, tanked following a hack on the DeFi protocol

Upon the news, MNGO, the native token of the proposal, tanked over 40%, according to CoinMarketCap

It was initially reported that another DeFi protocol, ParaSwap, also suffered a hack. However, the devs later clarified that the platform had not been compromised. 

Worried about your tokens? Click here to read our extensive guide on how to protect your wallet from hackers.

DeFi, Hackers Steal Over $115M From Mango Markets In a Day

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