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After $114 Million Mango Markets Hack Solana DeFi Projects Reopen

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.

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.

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.