The latest news revealed that Mango Market DAO had reached an agreement with the hacker who exploited the platform recently. The network stated that it wouldn’t prosecute the perpetrator if he returned part of the stolen funds.
Mango Protocol Proposed To Free Hacker If He Returned Stolen Funds
Mango Markets DAO is a decentralized autonomous organization (DAO) that runs on the Solana smart chain network. According to reports, a vicious attacker hacked into the platform and stole $100 million in crypto assets.
The hacker reportedly accessed the platform and manipulated the value of its native token (MNGO). He thereby stole $100M in multiple cryptos from the platform. The assets stolen from the platform include FTX, ETH, MNGO, BTC, BNB, USDC, and a host of other tokens.
Nonetheless, the exploited platform’s developers were reportedly able to track and reach an agreement with the hacker. As per the deal, the hacker was to send about $47 million in different digital assets back to the network.
In return for his cooperation, the platform promised not to prosecute him as a criminal. However, the governance board of the platform would still have to deliberate and vote on the proposed deal before execution.
Mango’s Council Plans To Pay Debts With The Stolen Funds
Furthermore, the platform told the hacker to return half of the stolen funds within 12 hours while deliberating on the proposed deal. Also, he is to return the remaining half after their 12 hours of proposal deliberation ends.
Altogether, the council gave the hacker 24 hours to return his loot, or he would face criminal prosecution when caught. In addition, they provided him with a private crypto wallet where he would send the digital assets.
Additionally, the Mango Market DAO platform was plunged into bad debt when the hacker stole the funds. Hence, the platform plans to settle all debts once the hacker returns the funds he looted.
According to reports, if the Mango token holders’ votes favored the proposal, the platform would settle its debt via its treasury. Coupled with that; it would forfeit the right to prosecute the perpetrator or freeze any account.
