Mango Markets attacker puts forward proposal that would pay them $70 million bounty

Quick Take

  • An attacker who stole roughly $116 million from Mango Markets put forward a proposal that would give them a $70 million bounty reward.  
  • The proposal is contingent on Mango Markets using its remaining treasury to pay back users and its bad debt. 
  • The attacker would send back roughly $50 million from the exploit to cover the remaining bad debt and costs.  

An exploiter who stole roughly $116 million from Mango Markets on Oct. 11 put forward a governance proposal that, if it passes, would give them roughly $70 million in the form of a bounty reward.  

Voting for the governance proposal is currently live and ends on Oct. 14 at 9:12 p.m. EST. The attacker has also used their stolen MANGO tokens — which amount to 0.66% of the total supply — to vote yes on the proposal. 

The proposal states that the attacker would send back various tokens valued at approximately $50 million, at the time of this writing. The sending of those funds is contingent on Mango Markets using its remaining $70 million USDC treasury to pay back all users without bad debt, and any remaining bad debt. If passed, the attacker would be able to keep the remaining funds after covering the difference.  

The remaining funds from the initial exploit that would be kept by the attacker total approximately $70 million.  

No criminal investigation pursuits or freezing of funds would be allowed against the attacker, if the proposal passes and all obligations are met.  

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