Mango Markets platform was hacked and $100 million was stolen

Markets Mango, the Solana DeFi market platform, has been hacked. About one hundred million dollars have been stolen in the Mango Markets platform hack. In less than a week, BNB Chain has also been hacked and $100 million has been wiped out. Mango Markets platform is the second hundred million dollar hack this week. Mango Market tweeted on Tuesday evening that a hacker was able to drain the platform's funds by manipulating Oracle's price. Meanwhile, last Thursday, $100 million was stolen from Binance smart chain, another DeFi protocol.

According to OtterSec (a well-known blockchain auditing website), the hacker temporarily inflated the value of his collateral and then borrowed from Mango Markets' coffers.

Mango Market is a Solana-based platform for trading digital assets on the blockchain and is managed by Mango DAO.

Robert Chen, the founder of OtterSec, stated; This is the danger that Mango Market had warned its users about and added further:

==The problem could be the result of a design flaw in the DeFi protocol.==

Joshua Lim, head of Genesis Global Trading, tweeted:

==At 6:19 PM, a hacker has funded Account A with USDC collateral.==

Assets stolen in this process included USDC, MSOL, SOL, BTC, USDT, SRM, and MNGO. To resolve this issue, Mango Markets will disable deposits and take steps to freeze third party funds.

Mango Market has offered the hacker the opportunity to receive a fixed reward for finding the system bug in return for the return of the stolen funds:grin:

Methodology

1- To find transactions Mango Markets used the following programId:

instructions[0]:programId in ('mv3ekLzLbnVPNxjSKvqBpU3ZeZXPQdEC3bp5MDEBG68'
  							   ,'5fNfvyp5czQVX77yoACa3JJVEhdRaWjPuazuWgjhTqEH'
  							   ,'JD3bq9hGdy38PuWQ4h2YJpELmHVGPPfFSuFkpzAd9zfu')

2- Before hacking from 2022-10-05 to 2022-10-10

3- It has been used since 2022-10-11 after hacking

4- The following conditions were used to extract Cexs :

where mint = 'So11111111111111111111111111111111111111112' and label_type = 'cex' 

1- Comparison of the number of transactions before and after hacking by cefi and defi

• After the hack on October 12, we have had the most transactions

2- Comparison of the number of transactions before and after hacking by cefi and defi as a percentage

• Before the hack, cefi had the most transactions with 45%

1- Comparison of the number of users before and after hacking by cefi and defi

• After the hack on October 11, we have had the most participation of users 2- Comparison of the number of users before and after hacking by cefi and defi as a percentage
• Before hacking, defi had the highest participation of users with 30%

1- Comparison of the number of users and transactions without considering cefi and defi

• After the hack, we see an increase in users on October 11, and then a decrease in users and transactions

defi users

1- The number of users in the top 5 defi apps on a daily basis, after the hack, we see an increase in the activity of Jupiter 2- The number of users in the top 5 defi apps as a percentage, after the hack, we see an increase in the activity of jupiter, and before the hack, jupiter had the highest activity with 29% and after the jupiter hack, it had the highest activity with 39%.

defi transactions

1- The number of transactions in the top 5 defi apps on a daily basis, which after the hacking, we see a decrease in serum actives 2- The number of transactions in the top 5 DEFI apps as a percentage, after the hacking, we can see a decrease in serum actives, and before the serum hack, it had the most transactions with 42%, and after the serum hack, it had the most transactions with 28%.

1- The number of nfts purchases and sales has decreased after the hack and the highest transaction was on October 10 2- In terms of percentage, the number of nft purchases and sales after the hack was about 54% and before the hack was about 45%.

1- The number of buyers of NFTs decreased after the hack, and the highest purchase before the hack was on October 6 2- In terms of percentage, the number of nft buyers has decreased after the hack and it was about 48% after the hack and about 52% before the hack.

inflow status in cexs

1- After the coinbase hack, there has been an increase in transaction inflow verification, with a transaction percentage of about 26% compared to other apps. 2- The most transaction of cexs was on October 13 in the inflow survey

3- After the coinbase hack, there has been an increase in the inflow of users, and the percentage of user participation compared to other apps is about 24%. 4- The largest participation of cexs users was on October 11 in the inflow survey

outflow status in cexs

1- After the coinbase hack, there has been an increase in transaction outflow verification, with a transaction percentage of about 29% compared to other apps.

2- The most transaction of cexs was on October 13 in the outflow survey

3- After the coinbase hack, there has been an increase in the outflow of users, and the percentage of user participation compared to other apps is about 24%.

4- The largest participation of cexs users was on October 6 in the survey

Conclusion and findings

• It seems that the total number of transactions and participation of users has decreased after the hack and this is somehow due to the loss of trust of some users.
• In the CEFI survey, we see a decrease in transactions before and after hacking
• In the defi section, we see an increase in user participation and the number of transactions after hacking
• In the review of DEFI apps, the serum app has experienced the greatest decrease in activity after the hack
• In the survey of the number of users, the jupiter app has had the greatest increase in popularity among users
• nft trading has decreased after the hack
• The number of nft buyers has decreased after the hack
• In the cexs section of the coinbase app, there has been an increase in transactions in the inflow check
• From the point of view of coinbase app users, there has been a decrease in user participation in the inflow survey after the hack
• In checking the outflow in cexs, the coinbase app has seen an increase in transactions
• According to the outflow analysis, the coinbase app has seen an increase in popularity in terms of the number of users

The status of NFTs