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According to the decentralized finance (DeFi) protocol governance forum, the Mango Markets community is prepared to reach an agreement with the situation after a $117 million exploit on October 11 by letting the hacker keep $47 million as a bug bounty.
According to the suggested agreements, the hacker will keep $47 million while returning the remaining $67 million in tokens. The agreement, which also says that Mango Markets will not seek criminal charges against the hacker, has received the support of 98% of the voters, or 291 million tokens.
The voting will probably take place on October 15 now that the quorum has been attained. The suggestion said:
“Any leftover bad debt in the protocol will be paid off with the money given by you and the Mango DAO Treasury. Mango depositors will all be fully reimbursed. By supporting this motion, the holders of mango tokens commit to paying off the bad debt with the Treasury, waiving any claims they may have against accounts with bad debt, and foregoing any attempts to have any funds frozen or to conduct any criminal investigations after the tokens have been returned as previously explained.
Community members responded to the development on Twitter as follows:
According to one voter, the concept has also been questioned at the governance forum:
“I firmly agree that returning customer monies as soon as possible should be the main goal, but a $50 million “bug bounty” is absurd. The exploiter should at most recoup their costs ($15 million?) + $10 million. The $600 million wormhole hacker was promised a $10 million whitehat bounty. Given that the exploiter has essentially been doxed, Mango can negotiate better than this.
After stealing the money, the hacker requested payment and posted a request for $70 million on the Mango Market’s decentralized autonomous organization (DAO) forum at the time.
Additionally, the hacker used millions of tokens that were taken from the exploit to vote in favour of this proposal. On October 14, the quorum required for the proposal to pass was reached. The hacker urges that users who vote in favour of the settlement agreement pay the reward, settle the bad debt with the Treasury, waive all claims against accounts with bad debt, and forego any criminal investigation or money-freezing actions in exchange for the settlement.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
