Mango Markets Hacker Provides Ultimatum: ‘Repay Bad Debt’

Mango Markets, a decentralised finance (DeFi) lending platform headquartered on Solana, was recently plundered of $100 million by a hacker, who issued an ultimatum to the community.

The hacker claims in a post on Mango's governance proposal platform that they want Mango's treasury to spend the $70 million in USDC it has available to pay back bad debt in accordance with the protocol.

This bad debt is the result of a rescue plan developed by Mango Markets and the competing Solana lending platform Solend 

 a major Solana whale with $207 million in debt dispersed across several lending platforms.

The whale had once borrowed 88% of the USDC that was available on Solend.

The Wormhole token bridge indicated that it is halting transfers from Solana as a result of this ongoing problem with Mango Markets.


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