In the recent news, Mango Markets, a decentralized crypto platform based on Solana, experienced an exploit. According to a source, the attack led to a loss of $114 million worth of crypto tokens. Exploits in the crypto industry are increasingly becoming more rampant on different platforms. The attackers are using innovative approaches to manipulate vulnerabilities in the targeted protocols. Over the years, millions of dollars have been lost through system exploits and attacks. The exploiter, Avraham Eisenberg, confirmed his involvement in the recent attack on Mango Markets. According to his Sunday statement, he operates with a team that engages in a ‘highly profitable trading strategy. Eisenberg, who described himself as a digital art dealer, refused to reveal the size of his team. The attacker said that their activities were legal open market actions since they used the platform in line with its design. However, in his opinion, the developers of Mango Markets underestimated the repercussions of setting the platform parameters the way they did. Also, Eisenberg observed that the exploit on the platform led to the insolvency of Mango Markets. He mentioned the insufficiency of the insurance fund to undertake all liquidations on the forum. Hence, it lost over $100 million in its users’ funds.
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