2 years ago
Avraham Eisenberg stated that helium was the encephalon down the $114 cardinal Mango Market exploit, adding that his actions were legal.
Statement connected caller events:
I was progressive with a squad that operated a highly profitable trading strategy past week.
— Avraham Eisenberg (@avi_eisen) October 15, 2022
In an Oct. 15 tweet, Eisenberg said helium and his squad utilized “the protocol arsenic designed, adjacent if the improvement squad did not afloat expect each the consequences of mounting parameters the mode they are.” He besides labeled the exploit arsenic a “highly profitable trading strategy.”
Eisenberg did not uncover the individuality of his different squad members.
Exploiter negotiated a colony to marque Mango users whole
The Mango Market exploiter stated that helium tried to assistance the DeFi protocol users by “(negotiating) a colony statement with the security money with the extremity of making each users full arsenic soon arsenic imaginable arsenic good arsenic recapitalizing the exchange.”
He continued that his remedy is akin to however car deleveraging works connected exchanges. Exchanges usage car deleveraging mechanisms to negociate risks erstwhile their security money is insufficient to screen a bankrupt user’s position.
Meanwhile, Eisenberg had spent $10 cardinal of his ain wealth to inflate the worth of the Mango token, which enabled him and his squad to exploit the DeFi protocol successfully.
The Mango assemblage was divided astir the quality that the exploiter could marque distant with astir 40% of the money (roughly $47 million) arsenic a bounty reward -a grounds precocious successful the industry. Usually, the inclination successful the manufacture is for exploiters to get astir 10% of the exploited funds.
CryptoSlate reached retired to Eisenberg for remark but did not person a effect astatine property time.
The station Mango Market exploiter says enactment was ‘legal’ appeared archetypal connected CryptoSlate.
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