Mango Markets Hack Update: Following one of the biggest decentralized finance breaches of the year, the Mango Markets community voted for one of the largest crypto "bounties" ever.
Update 15 October 18:00 UTC: Avraham Eisenberg, the alleged Mango Markets hacker, has issued a statement regarding the latest incident. He stated that he was "participated in a team that implemented a highly profitable trading strategy last week." is legal. Nonetheless, he said that negotiations have been held with the Mango team and “all users will be able to withdraw their deposits in full without loss of funds.”
A proposal for Mango Markets developers to return some of their funds in exchange for huge rewards has received nearly 97% support and more than 473 million votes passed. Mango Markets bounty steals the spotlight from the cryptocurrency market. This has caused some concern among community members, as the Mango Markets hacker, which has been human-documented, could fetch $47 million. This may be the largest bounty ever.
On October 14, industry watcher "Hsaka" stated that the current 10% bug bounty rate offered by Mango Markets needs to be repriced. "Even if we weigh all these costs generously (about 15 million?), it still equates to about $30 million / 30% of the total funding," Hsaka said.
