What We Know About the $100M+ Mango Markets Exploit

Popular Solana decentralized trading protocol Mango Markets was hit with a market manipulation exploit Tuesday night that cost the protocol and its users over $100 million in assets, making it the top ten largest DeFi exploit according The Block Research. This piece summarizes everything that we know thus far about the exploit.

The exploiter funded two accounts with over $10 million in USDC to begin their exploit. Account A (J44uR…), which is linked to Mango Markets’ account CQvKS…, was funded with close to $5 million in USDC. Account B (yUJw9…), which is linked to Mango Markets’ account 4ND8F…, was funded with over $5.5 million in USDC. Interestingly, both accounts were funded from FTX accounts. This could open up the exploiter to potentially being identified as FTX would require extensive KYC procedures for an account handling funds of that size.