Cryptocurrency

Mango Markets DAO set to approve $47 million bounty for hacker

Zegex

A governance proposal to pay Mango Markets hackers up to $47 million is expected to be approved when it reaches an approval quorum of over 96%.

After Mango Markets was hacked on October 12, hackers suggestion We are asking the project to use up to $70 million from the State Treasury to pay off some of our bad debts. He agreed to return the funds if conditions were met.

In response, the project team suggestion On October 14th, I was trying to come to terms with a hacker. According to the proposal, the hacker will get back up to $67 million and keep the rest of his $47 million as a bug bounty.

The note to hackers reads:

โ€œWithin 12 hours of the commencement of the proposal, non-USDC, MSOL, MNGO, and SOL assets shall be returned as a token of good faith.โ€

Mango market designation wallet Only $8 million in refunds have been received since the offer was launched about 12 hours ago.

If the hackers deliver on their promise, the mango DAO’s Treasury will complete the remaining funds needed to pay off its $70 million bad debt.

According to the Mango team, all deposits will be refunded once the proposal is passed and the hackers return the funds.

At the time of writing, the proposal has reached a quorum of over 96%, with 119,000 votes in favor. As expected, the proposal will pass on his October 15th around 5:30 am.

According to CryptoSlate data, the MNGO token is recovering, gaining around 11% over the past 24 hours and trading at $0.02615.

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