$100M DRAINED FROM SOLANA DEFI PLATFORM MANGO MARKETS, TOKEN PLUNGES 52%

Last updated: June 19, 2025, 23:12 | Written by: Arthur Hayes

The decentralized finance (DeFi) world is reeling from yet another significant exploit.Mango Markets, a Solana-based DeFi exchange, has become the latest victim, suffering a staggering loss of over $100 million. $100M drained from Solana DeFi platform Mango Markets, token Coin SurgesThe attack, executed through the manipulation of price oracle data, sent shockwaves through the crypto community, causing the platform's native token, MNGO, to plummet by a dramatic 52%. Related: $100M drained from Solana DeFi platform Mango Markets, token plunges 52% The growth of DeFi is comparable to that of natural systems in nature, the chief technology off said, addingThis incident underscores the inherent risks and vulnerabilities that continue to plague the rapidly evolving DeFi landscape.The attacker cleverly manipulated the value of their MNGO collateral, allowing them to take out massive, under-collateralized loans from Mango's treasury.This audacious move effectively drained the exchange of a substantial portion of its funds, leaving investors and users scrambling for answers.How could this happen?What are the implications for the future of DeFi on Solana?And what can be done to prevent such attacks in the future? BTCUSD Bitcoin $100M drained from Solana DeFi platform Mango Markets, token plunges 52% was drained of over $100 million worth of cryptocurrency after an attacker manipulated price data of itsLet's delve into the details of the Mango Markets exploit and explore the broader implications for the DeFi ecosystem.

Understanding the Mango Markets Exploit

The Mango Markets exploit highlights a critical vulnerability in many DeFi platforms: reliance on price oracles.Price oracles are services that provide off-chain data, such as asset prices, to smart contracts on the blockchain. Mango Markets has confirmed its platform has been exploited, with blockchain security firm OtterSec suggesting over $100 million has been drained. Latest News Breaking NewsIn this case, the attacker manipulated the price feed of the MNGO token, artificially inflating its value.This artificial inflation allowed them to borrow significantly more funds than they were entitled to, effectively draining the platform's treasury.

How the Price Manipulation Worked

According to blockchain security firm OtterSec, the attacker manipulated the price of MNGO, the native token of the Mango DeFi platform. $100M drained from Solana DeFi platform Mango Markets, token plunges 52%The attacker effectively inflated the price of MNGO on the platform, which then allowed them to borrow against this inflated collateral at a significantly higher rate than they should have been able to.Once the loans were taken out, the attacker made off with the funds, leaving Mango Markets users to foot the bill.

Specific Amounts Drained

The exploiter's account activity on the platform reveals the scale of the attack. Solana-based decentralized finance (DeFi) change Mango Markets has been hit with a reported exploit of over $100 million by an attacker manipulating value Close Menu NewsThe three largest withdrawals included:

$50 million worth of USD Coin (USDC)
Over $26.7 million worth of Marinade Staked SOL (mSOL), a Solana staking token
Nearly $24 million worth of Solana's SOL (SOL)

These withdrawals paint a clear picture of the attacker's strategy: diversify the stolen funds across multiple stablecoins and established cryptocurrencies to mitigate risk and facilitate easier liquidation.

The Immediate Impact: Token Price Crash and Community Response

The immediate aftermath of the exploit was devastating for MNGO token holders. Mango Markets tweeted Tuesday evening that a hacker was able to empty funds from Mango via an oracle price manipulation. Only last Thursday, $100 million was stolen from the Binance Smart Chain, another DeFi protocol.The price of the token plummeted by over 50% within hours of the news breaking, leaving many investors with significant losses.This price drop underscores the volatility and risk associated with investing in DeFi tokens, particularly those associated with smaller, less established platforms.

The Mango Markets team acknowledged the exploit and announced they were investigating the incident.They also temporarily halted trading on the platform to prevent further losses.This action, while necessary, further eroded user confidence and added to the overall sense of panic.

DeFi Security: A Growing Concern

The Mango Markets exploit is just the latest in a string of high-profile DeFi hacks and exploits. $100M drained from Solana DeFi platform Mango Markets, token plunges 52% Solana-based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them to take out under-collateralized cryptocurrency loans.Earlier in the week, $100 million was stolen from the Binance Smart Chain, highlighting the systemic vulnerabilities that exist across multiple DeFi protocols. Mango Markets, Solana-based decentralized finance (DeFi) platform, has reportedly been drained by unknown hackers for over $100 million. According to the tweet shared by blockchain security firm OtterSec, the hackers manipulated Mango s collateral.These incidents raise serious questions about the security and sustainability of the DeFi ecosystem.

These types of attacks are becoming increasingly common, and they pose a significant threat to the widespread adoption of DeFi.Users are hesitant to entrust their funds to platforms that are perceived as insecure, and these high-profile exploits only reinforce those concerns.

The Role of Audits and Bug Bounties

One of the key measures that DeFi projects can take to improve their security is to undergo regular audits by reputable security firms.Audits can help identify potential vulnerabilities in the code and architecture of the platform. 2.8K subscribers in the cryptopricesalerts community. Our trackers will post any relevant info about cryptos. Wanna see more? See you onHowever, even the most thorough audits cannot guarantee complete security.

Another important strategy is to implement bug bounty programs.Bug bounties incentivize white hat hackers to identify and report vulnerabilities in exchange for a reward. $100M drained from Solana DeFi platform Mango Markets, token plunges 52% . news and more. Buy, Sell and Swap bitcoin, ethereum and 350 cryptocurrencies on BitSwapNow.This can be a cost-effective way to surface hidden flaws and improve the overall security of the platform.

The Importance of Decentralization

While decentralization is a core principle of DeFi, it also presents unique security challenges. $100M drained from Solana DeFi platform Mango Markets, token plunges 52%Source: CointelegraphPublished onDecentralized platforms often lack a central authority to oversee security and respond to incidents. The blockchain security company tweeted that the exchange had lost more than $100 million because of the attacker manipulating the price of MNGO, the native token of the Mango DeFi platform.This can make it difficult to quickly address vulnerabilities and mitigate the impact of attacks.

Therefore, it's important for DeFi projects to strike a balance between decentralization and security. $100M drained from Solana DeFi platform Mango Markets, token plunges 52% 2 years ago The platform s treasury was drained of over $100 million worth of cryptocurrency after an attacker manipulated price data of its native token to take out loans against their holdings.This may involve implementing mechanisms for community governance and dispute resolution, as well as developing robust incident response plans.

Price Oracles: The Achilles Heel of DeFi?

The Mango Markets exploit underscores the vulnerability of DeFi platforms that rely on price oracles. Mango, a Decentralised Finance (DeFi) platform has been exploited by hackers for over $100 million, marking the second such unauthorized break-in this week. What Happened: The DeFi platform tweeted it is currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation .Price oracles are essential for providing real-world data to smart contracts, but they also represent a potential point of failure.

If an attacker can manipulate the data provided by a price oracle, they can exploit vulnerabilities in the smart contracts that rely on that data. BTCUSD Bitcoin $100M drained from Solana DeFi platform Mango Markets, token plunges 52%This is precisely what happened in the Mango Markets exploit. By manipulating the value of their Mango (MNGO) native token collateral and then taking out large loans from Mango s treasury, the attacker was able to drain the exchange of over $100The attacker manipulated the price feed of the MNGO token, allowing them to take out under-collateralized loans.

Different Types of Price Oracles

There are several different types of price oracles, each with its own strengths and weaknesses:

Centralized Oracles: These oracles are controlled by a single entity, which makes them susceptible to manipulation or censorship.
Decentralized Oracles: These oracles aggregate data from multiple sources, which makes them more resistant to manipulation.
On-Chain Oracles: These oracles rely on data that is already available on the blockchain, which can reduce latency and improve security.

Choosing the right type of price oracle is crucial for the security of a DeFi platform.Decentralized oracles are generally considered to be more secure than centralized oracles, but they can also be more expensive and complex to implement.

Mitigating Oracle Manipulation Risks

Several strategies can be employed to mitigate the risks associated with price oracle manipulation:

Use Multiple Oracles: By aggregating data from multiple oracles, the platform can reduce the impact of any single oracle being compromised.
Implement Price Thresholds: Setting price thresholds can prevent large, sudden price fluctuations from being reflected in the smart contracts.
Use Time-Weighted Average Prices (TWAPs): TWAPs calculate the average price of an asset over a period of time, which can smooth out short-term price fluctuations.
Monitor Oracle Data: Regularly monitoring the data provided by the oracles can help identify potential anomalies and prevent attacks.

Solana's Role and the Future of DeFi on the Platform

Solana has emerged as a popular platform for DeFi applications due to its high transaction throughput and low fees. Solana-based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them toHowever, the Mango Markets exploit raises questions about the security and resilience of the Solana ecosystem.

The exploit highlights the need for greater security measures on Solana, including improved oracle mechanisms and more robust smart contract auditing processes. DeFi Cyber Security: $100M drained from Solana DeFi platform Mango Markets, token plunges 52% The platform's treasury was drained of over $100 million worth of cryptocurrency after an attackerIt also underscores the importance of community governance and incident response planning.

Advantages and Disadvantages of Building on Solana

Solana offers several advantages for DeFi developers:

High Throughput: Solana can process thousands of transactions per second, which makes it well-suited for high-frequency trading and other DeFi applications.
Low Fees: Solana's transaction fees are significantly lower than those of Ethereum, which can make it more attractive for users.
Scalability: Solana's architecture is designed to scale to meet the growing demands of the DeFi ecosystem.

However, Solana also has some disadvantages:

Centralization Concerns: Solana's consensus mechanism relies on a relatively small number of validators, which raises concerns about centralization.
Ecosystem Maturity: The Solana ecosystem is still relatively young compared to Ethereum, which means that there are fewer established tools and resources available to developers.
Smart Contract Security: Like any blockchain platform, Solana is susceptible to smart contract vulnerabilities.

What Does This Mean for Solana DeFi Moving Forward?

The Mango Markets exploit serves as a stark reminder that security should be a top priority for DeFi projects on Solana.Developers need to invest in robust security measures, including audits, bug bounties, and decentralized oracles. Solana (SOL) based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them to take out under-collateralized cryptocurrency loans.They also need to develop incident response plans to quickly address vulnerabilities and mitigate the impact of attacks. The exploiter s account on the platform shows the three largest withdrawals were for $50 million worth of USD Coin (USDC), over $26.7 million worth of a Solana staking token called Marinade Staked SOL (mSOL), and nearly $24 million worth of Solana s SOL (SOL).The Solana community also needs to address concerns about centralization and ensure that the platform remains secure and resilient.

Lessons Learned and Preventing Future Exploits

The Mango Markets exploit offers valuable lessons for the entire DeFi ecosystem.By understanding the vulnerabilities that were exploited and implementing appropriate security measures, we can help prevent future attacks and build a more secure and sustainable DeFi future.

Key Takeaways for DeFi Projects

Here are some key takeaways for DeFi projects:

Prioritize Security: Security should be a top priority from the outset of the project.
Conduct Regular Audits: Engage reputable security firms to conduct regular audits of your smart contracts and infrastructure.
Implement Bug Bounty Programs: Incentivize white hat hackers to identify and report vulnerabilities.
Use Decentralized Oracles: Choose decentralized oracles to reduce the risk of price manipulation.
Implement Price Thresholds and TWAPs: Prevent large, sudden price fluctuations from impacting your smart contracts.
Monitor Oracle Data: Regularly monitor the data provided by your oracles.
Develop Incident Response Plans: Have a plan in place to quickly address vulnerabilities and mitigate the impact of attacks.
Embrace Community Governance: Involve the community in decisions related to security and governance.

Advice for DeFi Users

Here is some advice for DeFi users:

Do Your Research: Before investing in a DeFi project, do your research and understand the risks involved.
Diversify Your Portfolio: Don't put all your eggs in one basket. Mango Markets has confirmed its platform has been exploited, with blockchain security firm OtterSec suggesting over $100 million has been drained. Neuesten Nachrichten Aktuelle NachrichtenDiversify your investments across multiple DeFi projects.
Use Cold Storage: Store your cryptocurrencies in a cold storage wallet to protect them from online attacks.
Be Cautious of High Yields: Be wary of DeFi projects that offer unrealistically high yields, as they may be scams.
Stay Informed: Stay informed about the latest security threats and vulnerabilities in the DeFi ecosystem.

Conclusion: A Wake-Up Call for the DeFi Space

The $100M drained from Solana DeFi platform Mango Markets, token plunges 52%, serves as a stark reminder of the inherent risks present within the rapidly evolving world of decentralized finance.While DeFi promises innovation and accessibility, it also presents significant challenges in terms of security and regulation. Mango Markets has confirmed its platform has been exploited, with blockchain security firm OtterSec suggesting over $100 million has been drained. ltimas Noticias Noticias de ltima horaThis incident underscores the need for increased vigilance, robust security audits, and a community-driven approach to identifying and mitigating vulnerabilities. The platform s treasury was drained of over $100 million worth of cryptocurrency after an attacker manipulated price data of its native token to take out loans against their holdings.Ultimately, the future of DeFi hinges on our ability to learn from these setbacks and build a more secure and resilient ecosystem.The loss of funds and the subsequent price crash of the MNGO token highlight the importance of thorough risk assessment and cautious participation in DeFi platforms.As the DeFi space continues to mature, it is crucial for both developers and users to prioritize security and adopt best practices to protect their assets.