Mango DeFi Hacker Posts Ultimatum Hours After $100M Exploit: 'Repay Bad Debt'

Just hours after the Solana-based DeFi platform Mango suffered a $100 million exploit, the alleged hacker has now proposed an ultimatum to the community. 

What Happened: According to the proposal posted on Mango’s governance platform, the hacker wants Mango to use its $70 million available in USD coin (CRYPTO: USDC) to repay bad debts within the protocol. 

“If this proposal passes, I will send the MSOL, SOL, and MNGO in this account to an address announced by the mango team,” the hacker said. The attacker has wiped assets including USD Coin (CRYPTO: USDC), Marinade Staked Solana (CRYPTO: MSOL), Solana (CRYPTO: SOL), Bitcoin (CRYPTO: BTC), Tether (CRYPTO: USDT), Serum (CRYPTO: SRM), and Mango (CRYPTO: MNGO).

Screenshot of hacker's message on Mango DAO

The bad debts come as a result of Solend, the top lending protocol on Solana agreed with rival Mango Markets, to share the debts of its largest user — an unidentified whale holding $207.3M of SOL, as per The Defiant. 

What Next: Mango is a Decentralised Autonomous Organization, which gives its users the voting rights to make decisions on any changes made on the platform. 

“By voting for this proposal, Mango token holders agree to pay this bounty and pay off the bad debt with the treasury, and waive any potential claims against accounts with bad debt, and will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described above,” the hacker added.

At the time of writing, 99.9% of members accepted the proposal. Over 670,95,273 "yes" votes are required before they are eligible to pass.

The DeFi platform tweeted earlier that it is currently investigating the hack.