Disclosed by the blockchain auditors OtterSec on Twitter, the Organox hackers claim to have drained more than $100 million worth of cryptocurrency through the Solana blockchain, tracking the funds to the Mango platform.
The value of the [MGNO] token was significantly greater than it should have been, said Robert Chen of OtterSec. With the token, an attacker was able to sue large loans from Mango, causing the platform’s liquidity pools to run dry. It’s similar to a lending-borrowing race. If your collateral is overvalued, you can borrow against it, as the attacker did.