Mango Markets

Solana DeFi projects, Mango Markets open back after $114 million hack

As recently reported, the $100 million hack of the Solana DeFi platform Mango Markets also made available tokens for two Solana-themed DeFi protocols, so now they can resume operation. Tulip, a stablecoin provider, and yield aggregator have secured tokens from Mango Markets, and also are eligible to continue with its services.

Every day, Solana — popularly known for its blockchain tech — draws in blockchain supporters from near and far. Increasingly, reverse mortgages are offered by companies on Solana. Toward the end of October, a hacker took money from the issuer’s mint due to a technological error. As a result, the hacker took loans from the guardian.

DeFi refers to programs and applications in the field of crypto that help users make loans pretty much immediately, without needing to go through a middleman and needing to undergo credit checks. Because these services are so new and experimental, they often experience exploits. In 2021, the Cream Finance lending protocol was hacked three times, losing millions of dollars in value.

Yahya Imran is a crypto trader and blockchain content creator. He was a Campus Ambassador for FTX Africa and worked as a video content creator in the content Department of FTX Africa. He is a professional Video Editor and Video animator. He is the founder of Coinsplug.

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