![]() ![]() Let’s meet up on Monday 3 PM UTC on the Mango discord to discuss, how we can sort out this mess. $67M in various crypto assets have been returned to the DAO. I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.Īs things stand, Eisenberg and his “team” appear to have returned more than half the funds – US$67 million to the Mango Markets DAO (decentralised autonomous organisation). As a result, the main person responsible – New York-based “digital art dealer” Avraham Eisenberg – then felt compelled to identify himself across the weekend, claiming his actions were legal. It seems, however, that the trail leading to the hacker or hackers wasn’t exactly well covered. LMFAO you cannot make this shit up! /LsdafMS7vQ Hackers uses 32M votes from the exploit to vote 'Yes' Hacker turns around & offers to return most funds, if DAO promises not to pursue criminal investigations There’s been some pretty crazy updates on this situation, however, starting with the hacker offering to return stolen funds with the proviso that criminal charges won’t be pursued: The Solana-based DeFi platform Mango Markets was the biggest of those October hacks so far, with more than US$100 million drained. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. And that’s according to the analytics company Chainalysis.ġ/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. Seventeen days into October and it’s reportedly been one of the worst months for hacks in crypto history in what’s actually been the worst year so far for DeFi exploits overall. October is the month stock market crashes – It is also the month that kills bear markets… Something about history not repeating but rhyming, perhaps? (Do, however, bear in mind Kraken Australia boss Jonathon Miller’s take on the words “let’s dig in” at the end of this article.) (Although, he also points out other market bottoms that extended into November and a bit beyond.) Pal compares the current macroeconomic situation with past bear markets and stock market crashes, citing October as a frequent month for a “generational low”. Judging by one of his latest Twitter threads (below), though, it might well be in the opposite direction from the “Uptober” crypto narrative. ![]() Raoul Pal, a stupidly rich British former hedge fund manager and the co-founder of financial media company Real Vision, also believes October is still in for some action. ![]() “Bitcoin is squeezing and ready for a breakout move above $19.6k,” the crypto-chart-watching Dutchman further noted. Majority is still assuming we'll continue to go downhill with the markets, but I think that odds of upwards momentum have increased. Matter of time until massive volatility is going to kick back into the markets, after four months of consolidation. Judging by the crypto majors at least, it was a fairly sedate weekend for price action, although more volatility for the market is overdue according to various analysts, such as Michaël van de Poppe: Meanwhile, Mango Markets hack news and a little-known layer 1 called Casper are causing a stir. ![]() Bitcoin is still lurking around US$19k – the volatility expected after the US inflation data update didn’t really find a crypto-market direction. ![]()
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