Mango Markets exchange was robbed. hacker Mango Markets He revealed his identity and plans to help the Mango team to return the users’ funds.
Hacker Mango Markets revealed his identity. He mentions his actions as a profitable business strategy. Abraham was also accused of stealing from blockchain networks in the past.
Read more: Learning how to work with ExMarkets digital currency exchange
Revealing the identity of the Mango Markets hacker
Avraham Eisenberg, a digital art dealer, describes himself as The main factor behind the $100 million hack Mango Markets project introduced. “I have been involved with a team that has executed a very profitable trading strategy this past week,” Abraham said in a Twitter message.
In his confession, Eisenberg argued that his hacker’s actions fell within the rules of the free market. It is possible that the team Developers of Mango Markets Not fully aware of the consequences of setting the parameters.
“The Mango Markets hack led to the company’s bankruptcy,” Eisenberg noted. The insurance fund is not able to cover the damage caused to the network. This issue has led to the loss of 100 million dollars of users’ funds.
Eisenberg continued: “I will negotiate with the insurance fund to correct the current situation. The purpose of these negotiations will be to return the investment of all users as soon as possible.
Getting to know Mango Markets
Hacker Mango Markets He compared the process of stealing users’ assets to how automatic deleveraging works in exchanges. According to Eisenberg, De-leveraging exchanges It is a risk management mechanism that when the value of a stock decreases and the trade is closed at a loss, the exchange takes back part of the profits of profitable traders to ensure the protection of users’ assets.
Mango Markets Solana is a decentralized exchange (DEX) on the blockchain. The native token of this exchange named MNGO is a lesser known token. The market value of this token is slightly more than 26.8 million dollars.
According to reports, the Mango Markets hacker funded a cryptocurrency wallet with the stablecoin USDC and then used those funds to commit fraud on the Mango Futures market. Immediately after Eisenberg’s action, the price of MNGO increased 5 to 10 times in a number of foreign exchanges. Mango price oracles used the price of this token to price MNGO-PERP.
Cooperation of Mango Markets to hacker group
According to the Mongo Markets team, the increase in unrealized profit on the account means that the user can withdraw approximately $100 million in Msol, SOL, USDT, BTC and USDC.
The Mango Markets team announced that it plans to negotiate directly with the group involved in the recent hacking attack. “We believe that the most constructive way to approach the matter is to continue to communicate with the people responsible for this incident,” they stated.
Eisenberg was previously accused of stealing funds from the treasury of Fortness DAO, a fork of Olympus DAO. Olympus DAO is implemented on the Avalanche blockchain network. Eisenberg worked in this company as the main developer.
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