Attacker Behind $100M Mango Market Hack Unveils His Id

The attacker liable for the Oct 11 Mango Market exploit has gone public along with his identification. Though the exploit drained the DeFi platform of about $100M, the perpetrator claims it was a authorized operation. 

Eisenberg Claims His Actions Had been Above Board  

A Twitter consumer known as Avraham Eisenberg has outed himself because the Mango Market hacker. Early on Saturday, New York resident Eisenberg, who’s a digital artwork vendor, shared a thread admitting his involvement within the large exploit. His tweet described the hack as a “highly profitable trading strategy” and referenced different perpetrators. 

The put up additionally clarified that Eisenberg’s actions alongside his workforce had been coated by the regulation. Certainly, he claimed that in the course of the “hack” they’d solely used Mango Market as designed. 

I imagine all of our actions had been authorized open market actions, utilizing the protocol as designed, even when the event workforce didn’t totally anticipate all the results of setting parameters the best way they’re.” 

Hacker Proposes and Receives Virtually $50M Bug Bounty

The thread went on to notice that Mango Market grew to become bancrupt on account of Eisenberg’s actions. With out enough insurance coverage, different customers of the platform had been minimize off from their funds.  As such Eisenberg claimed, he visited the Mango DAO governance discussion board to assist present an answer.

Certainly, Eisenberg proposed that the Mango Market group make a cope with him. The proposal phrases known as for the workforce behind the DeFi venture to repay some unhealthy debt utilizing $70M value of treasury funds. This was reportedly debt the venture had accrued from a bailout in June.

Within the proposal, Eisenberg said that if his calls for had been met he would return $67 million from the loot. Nevertheless, the group would let the hacker maintain the remaining funds as a bug bounty. This amounted to $47M.

98% of the voters agreed to the deal,  because the hacker used hundreds of thousands of the stolen tokens to vote in assist. Notably, the proposal additionally noticed Eisenberg request that the platform wouldn’t press expenses. 

On account of this settlement, as soon as the Mango workforce finishes processing, all customers will have the ability to entry their deposits in full with no lack of funds,” mentioned Eisenberg.

Group Reactions 

The assault concerned an oracle value manipulation. Eisenberg was in a position to drive up the worth of Mango’s collateral. Following, he took out loans from the treasury and counter-traded himself with one other account.

One Mango group member described the exploit as a low-tier assault. Echoing the final sentiment, they went on to say the bug bounty was unreasonable. A number of customers known as for the bounty to be halved whereas others clamored for an arrest seeing that Eisenberg doxxed himself. 

Notably, earlier than he got here ahead, there had been hypothesis of Eisenberg’s involvement within the exploit. Certainly, investigative reporter Chris Brunet introduced on-chain evidence supporting his claims that Eisenberg was behind the heist. Following the put up, Brunet’s allegations have been confirmed. 



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