Mango Markets community is voting heavily in favor of a deal. Mango Markets community is voting for a majority of an agreement to the hacker that has stolen the sum of $114million from the DeFi protocol.
In these terms, according to the arrangement, the hacker will return a total of $67 million in tokens and retain the remaining $47 million as an incentive for bugs. The Governance decision stipulates that the company will use the funds from Treasury to pay off any outstanding bad debt, and will not pursue criminal investigation after the token portion will be returned.
The governance vote is a more than 119 million tokens voting favor of it , and 4.6 million voting against it. The vote is the quorum requirement, which means it is likely to be passed when the vote closes early on October. 15.
The vote on governance was created in the hands of Mango Markets. Mango Markets team and the hacker isn’t believed to have taken part in it from the primary wallets linked to the attack. In the past, the attacker initially made the governance vote and then voted on it using 33 million of the stolen tokens.
According to the agreement the hacker was also required to return some tokens after the voting began in an act of “show that they are in good faith.” As per the data on the blockchain these tokensthat are worth less than $8 million were returned.
Should the bug bounty is approved, it will be among the largest bug bounty offerings ever recorded in crypto history according to reported in The Block Research. It’s still unclear whether the deal will be legally binding as it relates to not the possibility of criminal prosecution.
Mango Markets is a trading and lending platform that is based on Solana. The attack was because of manipulation of the price of the local MANGO token. The manipulation was done through manipulating blockchain Oracles which supply blockchains with information about token prices.
The attack was the sixth largest DeFi hack in the history of the internet and was just behind Cream Finance’s $130 million breach.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.