Crypto
Hacker steals $116M in cryptocurrency in attack on Mango Markets – SiliconANGLE
Solana-based buying and selling platform Mango Markets has misplaced round $116 million in cryptocurrency after a hacker is believed to have undertaken a “flash mortgage” assault.
A flash mortgage assault is a decentralized finance assault the place a cybercriminal takes out a flash mortgage — a type of noncollateralized lending from a lending protocol — after which manipulates the value of a crypto asset on one change to promote it shortly on one other. Mango Markets, run by the Blockworks Basis, provides a decentralized change for buying and selling cryptocurrency, with trades executed on the Solana blockchain.
Within the case of Mango Markets, the hacker used two accounts to lift the value of Mango coin, the token utilized in buying and selling on the platform, artificially, permitting them to control their collateral on the platform to acquire loans from Mango’s treasury. The value was manipulated by means of the hacker taking out a futures place – an settlement to purchase tokens at a future date and value at an inflated value. In accordance with Tech Monitor, the value of MNGO shot up by round 1000% in minutes, elevating the collateral worth of the hacker’s account, which was then drawn upon, draining Mango Markets within the course of.
There may be some dispute, nevertheless, as as to whether this constitutes a flash mortgage assault, as OtterSec claims on Twitter that the scheme concerned broader value manipulation.
At a excessive degree,
1. This was not a flashloan assault
2. The attacker addresses have been funded 5.5M by way of FTX
3. It seems the attacker manipulated costs throughout all exchanges, not simply Solana oracles pic.twitter.com/mQnjCTvPZi— OtterSec (@osec_io) October 12, 2022
At this level in an assault on a cryptocurrency change, a number of issues sometimes occur, such because the change attempting to contact these behind the theft to barter a settlement however this isn’t the case with Mango Markets.
Mango Markets is a decentralized change ruled by a decentralized autonomous group that consists of these holding MNGO. The hacker holds MNGO and voted for their very own answer for returning the stolen funds.
The individual claiming to be the hacker informed the DAO that they’re prepared to return the stolen cryptocurrency if the neighborhood agrees to repay a foul debt from June that was used to avoid wasting one other Solana undertaking referred to as Solend.
On promising to return stolen funds to a chosen tackle, the hacker demanded that “the Mango treasury can be used to cowl any remaining dangerous debt within the protocol and all customers with out dangerous debt can be made complete.”
“By voting for this proposal, Mango token holders comply with pay this bounty and repay the dangerous debt with the treasury, and waive any potential claims in opposition to accounts with dangerous debt and won’t pursue any legal investigations or freezing of funds as soon as the tokens are despatched again,” the hacker wrote.
Because the DAO is a democracy, the hacker solid 33 million votes in favor of the proposal, in response to Decrypt, giving the proposal an approval score of 99.9%. Voting will not be but closed, nevertheless, with an additional 67 million sure votes required by Friday to make the consequence official.
The assault on Mango Markets will not be the primary within the DeFi trade and received’t be the final. In April, a flash mortgage assault on Beanstalk Farms resulted within the theft of $182 million in cryptocurrency.
Picture: Mango Markets
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Investing.com– Bitcoin surged to a record high on Sunday evening amid signs of increased whale trading, while crypto markets also cheered MicroStrategy’s addition to the Nasdaq 100.
The jumped 3.9% to a record high of $105,120.9 by 18:27 ET (23:27 GMT).
On-chain data showed a flurry of major trades by large Bitcoin holders over the weekend. These holders, referred to as whales, were seen moving hundreds of millions of Bitcoin off exchanges and onto private wallets.
X account Whale Alert, which tracks major crypto transactions, showed at least 27,000 Bitcoins, worth a total of $2.8 billion, had been moved off major crypto exchanges such as Bybit and Binance over the weekend.
Such a move points to limited supply of Bitcoin on public exchanges, entailing a higher price for the crypto.
Bitcoin was also buoyed by optimism over MicroStrategy Incorporated (NASDAQ:)- the world’s biggest corporate holder of the crypto- being added to the . MicroStrategy- which is largely regarded as a proxy trade for Bitcoin- surged over 400% so far in 2024, with its valuation spike making it eligible for addition to the index.
The stock will be added to the index effective December 23, and could see further gains as exchange-traded funds move to add exposure to the stock.
The president-elect was courted by crypto investors to become the father of the American Bitcoin Reserve, which is designed to take prices for Bitcoin to the next level.
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President-elect Donald Trump has become a cryptocurrency enthusiast, egged on by crypto investors who are seeking to insure their investments in this dodgy asset keep gaining in value. Trump has promoted the idea of a US Federal Bitcoin Reserve. According to a Hill report, “Speaking at the Nashville Bitcoin 2024 Conference, Sen. Cynthia Lummis (R-WY.) floated a ‘revolutionary proposal’ to make the federal government a Bitcoin investor. It is hard to imagine how this might benefit US taxpayers or support the dollar’s value, but it certainly would raise the dollar price of Bitcoin.” Lummis describes “a strategic Bitcoin reserve” of 1 million Bitcoins that the government “would be required to hold … for 20 years.” At the current value of near $100,000 per Bitcoin, the reserve would be a Bitcoin buyer/holder to the tune of roughly $100 billion, a substantial market share with obvious market impact for crypto investors.
Here is a summary of Trump’s relationship with crypto-currencies.
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