After the $114 million theft from the lending protocol Mango Markets, two Solana-based DeFi protocols are back up. Both yield aggregator Tulip and stablecoin supplier UXD have announced on Twitter that they have retrieved tokens from Mango Markets, which was struck by a significant exploit earlier this month and may continue their services. Mango Markets is a Solana-based exchange and loan platform for digital currencies.
Both USDC and $RAY strategy vaults are now fully reenabled. Users can deposit or withdraw. The vaults will only deposit in Tulip lending pools for now as the team reevaluate risk across the ecosystem.
If you have any issues, please reach out on the Discord. https://t.co/cqaEsf2kCZ
— Tulip Protocol (@TulipProtocol) October 26, 2022
Solana is the renowned blockchain that powers SOL, the ninth-largest cryptocurrency by market capitalization. Solana is already being used as the foundation for a wide variety of DeFi initiatives, including those that provide P2P buying, selling, and borrowing. This month, a hacker temporarily exploited a security hole to increase the value of Mango Markets’ collateral.
The intruder then borrowed money from Mango’s bank account and vanished. Mango Markets proposed a $47 million settlement to the hacker to not seek criminal charges in exchange for $67 million of the hacked tokens.
#Solana DeFi platform Mango has been hacked with over $100 million reportedly stolen.
— Watcher.Guru (@WatcherGuru) October 12, 2022
Later, the hacker who claimed responsibility stated they would return the tokens in exchange for community forgiveness of bad debt from an earlier venture. The breach cost UXD $19.9 million, while Tulip’s protocol lost $2.5 million. Each protocol deposited Mango Markets.
