Over the last weekend, hacker went on a raid and many protocols fell victim. Mango Markets, a decentralized trading platform on the Solana blockchain, has become “ripe for harvest” when it fell victim to hackers who stole more than $100 million from the platform.

How the Hack Occurred

According to sources, the hackers seem to have manipulated their Mango collateral. Their actions resulted in a temporary spike in their collateral’s value. The attacker then proceeded to take out massive loans from the Mango treasury.

The perpetrator initially deposited $5 million in USDC to the network before opening an unusually big long position, according to a Twitter post by blockchain security firm Hacken.

This drove the price of MNGO to increase by approximately 1,000% in just a few minutes while elevating the collateral value of the hacker’s account.

It appears that the hacker was able to subvert their collateral on the platform, allowing the attacker to obtain oversized loans from Mango’s treasury, according to blockchain auditing firm OtterSec, which was the first to discover the vulnerability.

The team of engineers at Mango stated that they have initiated an inquiry into the incident. The platform added on social media that it had disabled front-end deposits. At first, the team requested that users refrain from making deposits until the situation normalizes.

Condition: Reimburse Bad Debts, Hacker Says

Meanwhile, the intruder then published a governance proposition for the Mango DAO to utilize its $70 million treasury to reimburse bad debts.

At the time of publication, there were about 33 million votes in support of the proposal, the large bulk of which were undoubtedly stolen funds from the hacker himself.