Former FBI Special Agent Chris Tarbell said Mango Market’s $114 million alleged exploit was a "market manipulation," and not a result of the hack.
The hacker revealed his identity on Twitter as Avraham Eisenberg, returning over $67 million back to the DeFi platform on Oct.16, and kept $47 million as a bug bounty.
According to the blockchain auditing website Ottersec, the attacker first manipulated the price of their collateral and then took massive loans from the Mango treasury. Eisenberg called his actions “legal” and “a highly profitable trading strategy."
Tarbell noted that the crypto industry needs to “clean itself up,” and regulators are likely to step in, “even if crypto doesn't want it to.”
Price Action: MNGO is at $0.02165, down 4.05% over the last 24 hours, according to CoinMarketCap.
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