Mango Markets — a cryptocurrency trading platform — was robbed of more than $100 million on Tuesday night after a hacker used a flash loan attack to exploit the platform. The attack is one of a series of recent high-profile thefts from platforms that have sent shockwaves through the industry.
Flash loan attacks involve hackers borrowing funds that do not require collateral, buying a significant amount of a cryptocurrency to artificially raise its price and then offloading the coins. The loan is paid back and the borrower keeps any profit.
Mango Markets took to Twitter Tuesday evening to tell users that it was investigating an incident “where a hacker was able to drain funds from Mango via… price manipulation.”
The company said it was disabling deposits and asking third parties to freeze the stolen funds. It also offered the hacker a bug bounty for the return of the funds.
