Cryptocurrency platform’s token drops by 40% due to hacker attack

Hackers continue to attack cryptocurrency platforms, hoping to go unnoticed. Today, the audit company OtterSec reported a hacker attack on the decentralized financial (DeFi) platform Mango, built on the Solana blockchain. As a result of the exploit, more than $ 100 million was stolen from the platform, and the MNGO management token lost more than 40% of its value.

Security experts found out that the exploit was carried out by manipulating the price oracle and overstating the real value of MNGO tokens. By overstating the value of the collateral, the attackers took out a large loan and drained liquidity pools. Representatives of the platform confirmed the hack on Twitter, adding that they had already started investigating the incident. They are now taking steps to freeze the stolen money. The deposit function on the platform has been temporarily disabled for security reasons.

Last week, hackers managed to Binance/">attack the network of the largest cryptocurrency exchange Binance — BNB Smart Chain. Binance developers managed to detect the exploit immediately and temporarily suspend the network. According to official information, the hackers carried out the attack by borrowing from the Venus Protocol. Today it became known that the BNB Smart Chain developers have updated the network and it is now working properly.