Mango Markets loses Over $100 Million
In a second shocking hacker attack this week, thieves made off with a fortune from Solana’s Mango Markets. This news follows another DeFi hack in which a similar amount was taken from Binance Smart Chain. Mango Markets is a Solana-based platform for trading digital assets overseen by Mango Dao. The hacker apparently inflated the value of their collateral and then took out massive loans from the Mango treasury, exploiting a crucial design flaw. Assets drained include USDC, MSOL, SOL, BTC, USDT, SRM, and MNGO, wiping out all of Mango’s liquidity and leaving behind a debt of $116.7 million.
A bug bounty has been offered in an attempt to persuade the attacker to return the funds. The hacker has been in contact, pledging to comply so long as Mango Markets repays its bad debt. The debt referred to is money that was used to bail out a Solana whale, a move they clearly felt was unjust.
Oryen Network Safer Option
Ecosystems like Solana play host to all kinds of networks, meaning hacks like these leave millions of investors vulnerable. Users may feel more secure using systems that do not require the staking of funds in this way, like the Oryen Network. Oryen features the native coin ORY, which produces yield simply by being held in a wallet via the innovative OAT (Oryen Autostaking Technic) feature.
Rebase rewards are passed on without holders needing to manage to farm and staking or by trusting their funds elsewhere. Profits are calculated at an impressive rate of 0.177% daily – or 90% compounded APY, fixed. Because the tokens stay within your wallet, you do not need to place funds within a staking contract or lending protocol to gain the yield. Users retain custody of their assets at all times, adding an extra layer of security against financial raids.
With big hacks becoming regular news, it is time for major exchanges to step up security and close loopholes. New, inventive projects are finding ways to side-step the need to trust assets to second parties, improving the user experience dramatically. Oryen Network is one such protocol. ORY is in its first phase of ICO, while limited allocation lasts.
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