Crypto price exploit swipes $100m from DeFi service Mango

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An attack­er spir­it­ed away about $100 mil­lion from decen­tralised finance provider Man­go by manip­u­lat­ing the price of its token in an exploit that wiped out depos­i­tors on the cryp­to platform. 

The heist began with two accounts fund­ed with the sta­ble­coin USD Coin, the plat­form said Wednes­day on Twit­ter. The accounts took large posi­tions in Man­go per­pet­u­al futures, caus­ing the price of the Man­go token to spike. 

The price jump stoked an unre­alised prof­it from the futures. The attack­er used that to bor­row and with­draw rough­ly a net $100 mil­lion from the pro­to­col in a range of tokens — leav­ing depos­i­tors with noth­ing, accord­ing to Mango. 

“This inci­dent has effec­tive­ly result­ed in a total drain­ing of all equi­ty avail­able,” the plat­form said on Twit­ter, adding the attack­ers are com­mu­ni­cat­ing with Man­go and “indi­cat­ing a will­ing­ness to negotiate.” 

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