Ultimatum from Mango Markets Hacker: “Repay Bad Debt”
The hacker says he will send back the stolen MSOL, SOL, and MNGO if Mango Markets agrees to pay back bad debts with USDC from its treasury.
The hacker who recently used a bug to steal $100 million from a Solana-based decentralised finance (DeFi) lending protocol called Mango Markets has given the community an ultimatum.
The hacker wrote on Mango’s governance proposal platform that they want the $70 million in USDC in Mango’s treasury to be used to pay off bad debt in the protocol.
This bad debt came from a bailout that Mango Markets and a rival Solana lending platform, Solend, put together for a big Solana whale who owed $207 million across multiple lending platforms.
At one point, the whale had borrowed 88% of the USDC that Solend had to offer.
The bailout was made because people were worried that if the SOL token dropped by another 20%, the whales would sell their positions, which would spread the problem and hurt the Solana ecosystem.
Because of this ongoing problem with Mango Markets, the Wormhole token bridge said it will stop transferring from Solana.
Part of the hacker’s ultimatum is for Mango to promise that they won’t look into him criminally or freeze his money.
