The man claiming to be behind the $100 million hack of DeFi platform Mango Markets, which says $67 million was returned, believes the raid was legitimate.
More on that later.
Bitcoin is still lurking around USD 19k expected volatility after the US inflation data update, the crypto market didn’t really find a direction. And a little-known layer 1 called Casper is causing a stir.
Judging by at least the major crypto companies, it was a fairly quiet weekend for price action, although according to various analysts such as Michael van de Poppe, more volatility is expected in the market:
“Bitcoin is contracting and ready to break above $19,600,” the Dutchman, who watches crypto charts, further noted.
Raoul Pal, the insanely rich British ex-hedge fund manager and co-founder of financial media company Real Vision, also thinks October still has some action to play.
However, judging by one of his recent Twitter threads (below), it could very well be in the opposite direction of the “Uptober” crypto-narrative.
Pal compares the current macroeconomic situation to past bear markets and stock market crashes, calling October a frequent month for “generational lows.” (Though it also points to other market bottoms that continued into November and beyond.)
Perhaps something about history not repeating itself, but rhyming? (Bear in mind, though, that Kraken Australia boss Jonathan Miller says “let’s figure it out” at the end of this article.)
Hacker Mango Markets has come clean
Seventeen days into October and it was reportedly one of the worst months for hacks in crypto history, which was actually the worst year for DeFi exploits on record.
And that’s according to analytics company Chainalysis.
Solana-based DeFi platform Mango Markets was the biggest of those October hacks so far, with more than $100 million drained.
However, there have been some pretty crazy updates on the situation, starting with the hacker’s apparent offer to return the stolen funds provided no criminal charges are filed:
It appears, however, that the trail leading to the hacker or hackers is not exactly well lit, and New York “digital art dealer” Avraham Eisenberg appeared to identify himself on Twitter over the weekend, claiming his actions were legitimate.
As of now, those behind the hack seem to have returned more than half of the funds – US$67 million to the Mango Markets DAO (decentralized autonomous organization).
He also informed about it Decipher and other American crypto media sites that Mango Markets agreed to make a deal with the hackers so that he/they would keep US$47 million as a reward for the bug.
And it’s a form of reward that’s usually given to ethical white-hat hackers who help protocols find chinks in their armor.
This whole Mango episode is crazy, very questionable stuff that continues to prove that decentralized finance, while being an exciting and incredibly innovative sector, still has serious challenges to overcome.
Go there very carefully.
To some general daily crypto price action.
Top 10 review
With a total crypto market cap of US$963 billion, up roughly 1 percent since this time yesterday, here’s the current state of the top 10 tokens – according to CoinGecko.
While the market’s main pacesetters, Bitcoin (BTC) and Ethereum (ETH), have been moving sideways, several other crypto majors have been slightly drained over the past few days.
It looks like XRP could use another good update regarding its parent company Ripple’s legal battle with the US Securities and Exchange Commission. We will keep you updated on any important developments.
Layer 1 smart contract protocols Cardano ( ADA ) and Solana ( SOL ) are also down significantly on the weekly timeframe.
Cardano, in particular, is one of those polarizing projects that has a bit to do with its very smart, very outspoken founder, Charles Hoskinson.
It gets a lot of hate, especially from the Ethereum community, but as with XRP, ADA supporters can be very … evangelical.
Top and bottom: 11–100
Spanning a range of market capitalizations from about US$7.1 billion to about US$381 million for the rest of the top 100, let’s identify some of the biggest gainers and losers in the 24 hours at press time. (Statistics accurate at time of publication based on CoinGecko.com data.)
• Casper Network (CSPR),(market cap: $520 million) +25 percent
• Synthetix (SNX), (mc: US$550 million) +12 percent
• Quantity (QNT), (mc: US$2.53 million) +6 percent
• Aave (AAVE), (mc: US$1 billion) +4 percent
• Chainlink (LINK), (mc: US$3.5 billion) +3 percent
Casper, huh? What about it besides the price? First, what is it? It is another proof-of-stake Tier 1 blockchain that aims to help large institutional enterprises build efficient blockchain-enabled services.
And that is what its CEO Mrinal Manohar reportedly believes most other blockchains are ill-equipped to provide.
Why is it pumping today? It’s hard to tell at first glance. Maybe the insiders know something the rest of us don’t. Scroll down quickly available markets on CoinGecko and CSPR is not yet listed on major exchanges (such as OKX, Huobi, and KuCoin, but not Coinbase, Binance, FTX, or Kraken).
Perhaps like ADA and XRP, CSPR is building a rabidly loyal, hopium-fueled fanbase in search of the next big Bullrun protocol. Let’s see.
• Huobi (HT), (market cap: US$916 million) -4 percent
• Terra (LUNA), (mc: USD 404 million) -4 percent
• Chain (XCN), (mc: US$1.38 billion) -2 percent
• EOS (EOS), (mc: US$1 billion) -1 percent
• Tezos (XTZ), (mc: US$1.2 billion) -1 percent
Around the blocks
A selection of randomness and relevance that stayed with us from our morning moving through the Crypto Twitterverse…
Last but not least, Kraken Australia head Jonathan Miller has a way to improve your Twitter experience. Let’s take a quick look…
(Quickly checks the articles to see if we’ve used the phrases “let’s dig in” and “easy steps” lately. Phew, I think we’re clean.)
This content first appeared on stockhead.com.au
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Originally published as “I squeezed $100 million out of Mango”