Home Crypto hacks Mango DAO offers hacker $47 million to settle without charges

Mango DAO offers hacker $47 million to settle without charges

by Chief editor

A hacker stole more than $100 million in cryptocurrency from the Mango Markets exchange on Tuesday. The attacker temporarily increased the value of his collateral and then took credits from Mango’s coffers. The platform offered the deal to the thief so that he could avoid criminal penalties for the exploit.

Mango DAO, the decentralised autonomous organisation that runs Mango Markets, offered the hacker a reward of $47 million, meaning that under the terms of the deal the thief would have to return $67 million worth of tokens.

“We are committed to keeping users’ assets as intact as possible,” the Mango DAO said in its offer to the thief.

A decentralised autonomous organisation, or DAO, is a group structure in which control is distributed among its members, who own a DAO token. Members use these control tokens to vote on proposals that are executed using smart contracts .

A vote was held on the platform. It said that the DAO would not conduct criminal investigations or freeze funds after the tokens were returned as agreed. With 11 hours to go, the proposal to give some of the money to the hacker as a reward received 119,821,720 (96.3%) votes in favour and 4,601,240 (3.7%) votes against.

Read our first post about Mango Markets hacker attack

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