> ## What is Solana? > > Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain. > > Created in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed. > > Solana’s third-generation blockchain architecture is designed to facilitate smart contracts and decentralized application (DApp) creation. The project supports an array of decentralized finance (DeFi) platforms as well as nonfungible token (NFT) marketplaces. > > Solana blockchain was rolled out during the 2017 initial coin offering (ICO) boom. The project’s internal testnet was released in 2018, followed by multiple testnet phases leading to the eventual official launch of the main network in 2020.

News About Mango Hack

How the Hackers Stole Money?

According to OtterSec, a security audit that powers blockchain, the hacker manipulated the price of native token Mango (MNGO) collateral, draining the platform of massive loans. A $116 million loan was then taken out by the hacker, leaving Mango's treasury with a negative balance of 116.7 million.3

Genesis head of derivatives Joshua Lim tweeted that the hacker used two accounts to execute the attack, going short on one and hedging his position on another. The attacker deposited 5 million USD Coin (USDC) to the network before opening an unusually big long position. He bought 438 million Mango tokens and quickly totaled $420 million in unrealized profits. The price of MNGO increased by approximately 1,000%, elevating the collateral value of the hacker's account. He eventually wiped out the protocol when he took more than $116 million in liquidity from all tokens available.4

\n The attacker then took out a $116 million loan, leaving Mango's treasury with a negative balance of -116.7 million. Assets drained include USDC, MSOL, SOL, BTC, USDT, SRM, and MNGO, wiping out all of Mango's liquidity.

In response, Mango Markets says it has disabled deposits and is taking steps to have third-party funds frozen.

A Twitter user noted that the attacker was funded 5.5M from FTX, prompting FTX CEO Sam Bankman-Fried to respond that the company is investigating.

Daily Transactions Of Mango Markets is declined so fast, same as the other protocols, after the hack nearly no one use them any more except the serum dex v3.

We can see that while everything was going in a growth plan, now its going sideways for mango and other markets.