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This time it's one of Solana's largest DeFi protocols. Are these guys asleep at the wheel? I wonder if these hacks can ever be fully prevented.
They are 100% preventable, by using cryptocurrency.
So really, they are preventable by not using cryptocurrency.
"According to Lim, the hacker funded the main account (account A) and offered 483mm units of $MNGO perps on the order book. The attacker then funded a second account (account B) with 5mm $USDC collateral. Then, he/she used the funds to buy the 483mm units of $MNGO perps (at a price of $0.0382 per unit). The perpetrator’s actions made $MNGO’s spot market price, reaching as high as $0.91. $MNGO/USD price of $0.91 per u…
"According to Lim, the hacker funded the main account (account A) and offered 483mm units of $MNGO perps on the order book. The attacker then funded a second account (account B) with 5mm $USDC collateral. Then, he/she used the funds to buy the 483mm units of $MNGO perps (at a price of $0.0382 per unit). The perpetrator’s actions made $MNGO’s spot market price, reaching as high as $0.91. $MNGO/USD price of $0.91 per u…
The description of crypto markets as "speedrunning the history of why we have the financial regulations we do" seems more and more accurate as time goes on.
But I agree, this isn't a "hack" in the normal sense. It may be a "hack" in the broader, "clever use of a system against the desires of the designer" sense, but it doesn't seem like any security boundaries were bypassed, just that the attacker made the system perform, per its rules, in a way that had not been predicted. Not a bad haul... good luck cashing it out, though.
NB: This article is about the $115 million Mango Markets hack of a few days ago, not about the $127 million exploit of Binance's blockchain from last week or the $160 million Wintermute hack from last month or the $1.2 billion-with-a-'b' Acala hack from the month before, or...
"According to Lim, the hacker funded the main account (account A) and offered 483mm units of $MNGO perps on the order book. The attacker then funded a second account (account B) with 5mm $USDC collateral. Then, he/she used the funds to buy the 483mm units of $MNGO perps (at a price of $0.0382 per unit). The perpetrator’s actions made $MNGO’s spot market price, reaching as high as $0.91. $MNGO/USD price of $0.91 per u…
More of a financial exploit, but don't conflate popular crypto sentiment from Twitter with what's possible. There is no reason regulation is required to prevent this on a automatic protocol level - but no surprise in the DeFi space if preventing this type of exploit isn't an active area of development.
"According to Lim, the hacker funded the main account (account A) and offered 483mm units of $MNGO perps on the order book. The attacker then funded a second account (account B) with 5mm $USDC collateral. Then, he/she used the funds to buy the 483mm units of $MNGO perps (at a price of $0.0382 per unit). The perpetrator’s actions made $MNGO’s spot market price, reaching as high as $0.91. $MNGO/USD price of $0.91 per u…
If the "perpetrator" sold 483mm units on one account and bought 483mm units on another account, why did the market price rise so much?
Earlier quoted context omitted.
Quoted post unavailable.
Why are you so cruel?
Play with fire, get burned. If you don’t want these things to happen, stay in the regulated financial system where guard rails exist against market manipulation.
Personally, I’ve done my due diligence and decided that the crypto community is a raging dumpster fire that is speedrunning the last 200 years of centralized financial fraud and somehow failing to learn any of the lessons along the way. For that reason (and because I lack the time to exhaustively vet every project that looks interesting,) I’m staying out of it.
If there's every a use for provably correct programs, it should be in crypto.
From what I'm seeing here, all the individual things that were done _were_ correct. It just so happens that the system was setup with rules that allow for this type of thing. A probably correct program would not have helped here.