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Crypto price exploit swipes $100m from DeFi service Mango

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An attacker spirited away about $100 million from decentralised finance provider Mango by manipulating the price of its token in an exploit that wiped out depositors on the crypto platform.

The heist began with two accounts funded with the stablecoin USD Coin, the platform said Wednesday on Twitter. The accounts took large positions in Mango perpetual futures, causing the price of the Mango token to spike.

The price jump stoked an unrealised profit from the futures. The attacker used that to borrow and withdraw roughly a net $100 million from the protocol in a range of tokens — leaving depositors with nothing, according to Mango.

“This incident has effectively resulted in a total draining of all equity available,” the platform said on Twitter, adding the attackers are communicating with Mango and “indicating a willingness to negotiate.”

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