$100M drained from Solana DeFi platform Mango Markets, token plunges 52%

Solana-based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them to take out under-collateralized cryptocurrency loans.

The exploit was first identified by blockchain security firm OtterSec, which tweeted the exchange had been drained of over $100 million due to the attacker manipulating the value of its MNGO native token collateral, then taking out “massive loans” from Mango’s treasury.

The Mango Markets team tweeted soon after, warning users not to deposit funds until “the situation was more clear” and asking the attacker to contact them to discuss a bug bounty.

The team later confirmed the manipulation of a price oracle — a price data feed of the value of its MNGO token — and stated that it had disabled deposits while it continued investigations of the incident.

Due to news of the exploit, the price of the platforms’ MNGO token has fallen by around 52% in the last 24 hours at the time of writing, according to data from CoinGecko.

Related: TempleDAO exploit results in $2M loss

The exploiter’s account on the platform shows the three largest withdrawals were for $50 million worth of USD Coin (USDC), over $26.7 million worth of a Solana staking token called Marinade Staked SOL (mSOL), and nearly $24 million worth of Solana’s SOL (SOL).

Over $14.7 million worth of MNGO was withdrawn, and Mango said it’s “taking steps to have third parties freeze funds in flight.”

Meanwhile, the QANplatform blockchain also suffered from an exploit of its own on Oct. 11, with its Ethereum bridge drained of around $1.89 million worth of its native QANX token, according to blockchain security company Beosin. QANplatform said it’s investigating the incident.