Mango Markets DAO Members Decry $47 Million Bounty

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  • Some Mango Markets DAO members have reacted angrily to the bounty offered to the platform’s hacker
  • The platform was hacked for $100 million last week, with $47 million promised to the perpetrator if they return the rest
  • Some have said the amount is too high, but the proposal has passed

Members of the Mango Markets DAO have hit out at the $47 million bounty offered to the protocol’s hacker, saying it is too much, despite the proposal passing. The hacker made headlines last week when they used over 30 million of their stolen MNGO tokens to vote themselves a bounty and avoid potential criminal action, although this vote was defeated in the hours before the expiry. The new offer, $47 million and no pursuit, passed yesterday with 96.6% of the vote, although many dissenting voices said that the amount was too much.

Hacker Proposal Was Voted Down

Mango Markets was attacked last Tuesday when an attacker temporarily drove up the value of their collateral and then took out loans from the Mango treasury. This totalled around $100 million, and the hacker put a proposal to the Mango Markets DAO that they would return a portion of the funds in return for the promise of no police involvement.

The hacker then used over 30 million MNGO tokens to vote for the proposal, but this was overturned in the dying hours by a massive swing to the ‘no’ side. A new proposal was put up along similar lines over the weekend, with a $47 million bounty and no police action. This proposal was voted in by a balance of 96.6%, but not without some strong dissension:

The overall consensus seemed to be that making users whole was the priority of the DAO, with everything else coming secondary. Of course, this is nothing like a legally binding contract, and if the DAO members don’t take legal action against the hacker to try and recover the rest of the funds then they have failed in their duty towards their members and platform users.