Solana-Based Decentralized Finance Platform Mango Hit by $100 Million Exploit

“The [MGNO] governance token was valued for far more than it should be,” OtterSec’s Robert Chen told CoinDesk. “With that, [the attacker] was able to take out large loans against it and then drain Mango’s [liquidity] pools. It’s like a lending-borrowing race: if you have overvalued collateral, you can then borrow against that collateral, and that’s what they did.”