Mango Markets $100M Attack, BNB Chain Hard Fork, SEC Investigates BAYC
Mango Markets $100M Attack
Mango Markets, a Solana DeFi protocol, was attacked by a whale trader who drained $100 million from the platform. The whale attacked the trading platform because they had millions of dollars in USDC collateral and took advantage of the Mango's thin trading.
The attacker of the Mango DAO has proposed returning most of the drained cash in exchange for the team agreeing to use $70 million in USDC. If approved, the treasury will distribute the funds to Mango users who had deposited to the now-depleted protocol. The proposal read:
“By voting for this proposal, mango token holders agree to pay this bounty and pay off the bad debt with the treasury. Waive any potential claims against accounts with bad debt, and will not pursue criminal investigations or freeze funds once the tokens return as described above.”
BNB Chain Hard Fork
BNB Chain, Binance’s native blockchain, announced a hard fork on its BSC network. The move is to remedy a flaw that resulted in the theft of US$100 million in the network's native token BNB.
Controversial hard forks have occurred in the past, especially on Ethereum and Bitcoin. According to expert Ben Caselin Gevoryan, the popularity of BSC is not surprising considering the nature of its essential infrastructure.
Advocates believe that BSC's development was to emphasize simplicity for the benefit of efficiency. According to Binance founder and CEO Changpeng Zhao, decentralization is not a black-and-white issue. "Low-quality chains that profit from centralization have a place," he said.
SEC Investigates BAYC
The Securities and Exchange Commission (SEC) of the United States is looking into Bored Ape Yacht Club's non-fungible token (NFT) collections and cryptocurrency, ApeCoin. The regulator wants to determine if BAYC NFT sales breached federal law and if they qualify as publicly traded equities.
In response to the announcement, the native token of Bored Aped Club dropped more than a tenth of its value. The corporation is not guilty of any crime, but the probe might end in filed charges.
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