Mango Markets, a decentralized exchange platform, faced a hack that led to the loss of over USD 100 million from its blockchain protocol. 

Blockchain auditing company OtterSec reported that the hacker was able to manipulate their Mango collateral and drain funds using an “oracle price manipulation." The company stated that it was taking steps to disable deposits as a precaution and reaching out to third parties to freeze the relevant funds.

Analyst Quicktake: This hack comes just a few days after Binance , another cryptocurrency exchange (albeit centralized), also lost USD 100 million in a similar hack. While network vulnerabilities remain a pervasive issue in the DeFi space, many centralized exchanges such as Coinbase and Binance have responded by taking steps to blacklist offending addresses so that hackers are unable to transact with any stolen tokens. Notably, Mango Markets has offered the hacker the ability to collect a token reward that can legally be used for transactions in exchange for returning the stolen funds.