The Mango Markets community agrees that the hackers keep $47 million as a bug bounty.
Mango Markets, Solana-based decentralized finance (DeFi) platform, has recently faced a more than $100 million hack, and the community is aiming to retrieve at least a part of stolen funds.
According to the offer shared on Mango’s governance proposal platform, the community is willing to allow hackers to keep $47 million worth of crypto as a bug bounty.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is an NFT? (Explained with Animations)
However, in return, the Mango community aims to recover around $67 million of stolen funds in the form of Solana (SOL), Bitcoin (BTC), Serum (SRM), Ether (ETH), Binance Coin (BNB), Mango (MNGO), USD Coin (USDC) and five other cryptocurrencies.
The hacker is obligated to send all the assets, except the MSOL, SOL, MNGO, and USDC, within 12 hours after the proposal launches. The offer notifies that community will understand it as a way of showing good faith. The community instructed the hackers to send the remaining funds 12 hours after voting was completed.
According to the community, the returned funds will be used to cover “any remaining bad debt in the protocol.” Moreover, the proposal reads:
By voting for this proposal, mango token holders agree to pay off the bad debt with the treasury, and waive any potential claims against accounts with bad debt, and will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described above.
In total, around 473 million votes were cast in favor of the proposal, allowing it to be passed.
On October 15th, Mango Markets used Twitter to share the news about receiving $67 million from the hacker.
In its Twitter thread, the company added that “a bunch of developers already took charge and started working on an algorithm to decide on a refund split.” Moreover, the company noted that during the 3rd week of October, the community can expect multiple decentralized autonomous organization (DAO) votes to determine “exact procedures and amounts.”
It is worth noting that Mango Markets were drained on October 12th by hackers reportedly manipulating Mango’s collateral. After the exploit, hackers were the first to use Mango’s governance proposal platform to offer their own demands about returning funds. Eventually, the Mango community declined the proposal.
