Avraham Eisenberg, the man behind the Mango Markets attack, earned $114 million, confirming that he was preparing to attack the DeFi platform indeclarationreleased today
“I was involved with the team to implement that strategy last week,” Eisenberg confirmed, adding, “I believe all of our actions are legally open market actions. using protocols as designed Although the development team did not expect the result as it is.”” Eisenberg declined to comment on the size of his team.
this strategyIt takes 10 million dollars.from Eisenberg to drain $114 million from Mango Markets by manipulating the price oracle to triple the price of Mango tokens from $0.30 to $0.91, and this increased the value of Eisenberg’s margin, allowing him and his team to borrow more. from the protocol
Eisenberg’s name was linked to the attack just a day later. By freelance journalist Chris Burnet publishedThe article revealed some evidence linking Eisenberg to the attack. The evidence included a screenshot of a leaked Discord chat describing the planned attack. and suspicious activity in the network after the incident And this isn’t the first time Eisenberg has been linked to a DeFi attack. He was accused of defrauding investors FortressDAO for $14 million.
The attack puts Mango Markets users at risk of liquidation. Because the protocol failed to pay off debt, Eisenberg said in his statement that he helped negotiate a deal with the DeFi platform and the Mango community.votefor Eisenberg to keep $47 million. while returning the remaining $67 million to the project. The refund will be used to increase the capital of the exchange. and cover the debts caused by the attack
Shortly after the initial vote, Eisenberg paid back about $8 million worth of tokens, according to data onnetworknetwork according to the details of the agreement received in the vote This first repayment was an expression of sincerity on the part of Eisenberg.
The remaining funds have been repaid to Mango Markets in both Solana and Ethereum, consisting of $48 million SOL, $10 million USDC and $90,000 GMT.
According to Eisenberg, the partial refund and retention agreements “Similar to the auto deleveraging method in exchanges like Binance and Bitmex, it extracts some of the profits from profitable traders. to ensure that all user funds are protected.”
refer : LINK
The post Eisenberg, the hacker who attacked Mango Markets, claimed that all his actions were legal appeared first on Bitcoin Addict.