Mango Market's DAO forum set to approve $47M settlement with hacker

Following a $117 million exploit on Oct. 11, the Mango Markets community is set to make a deal with its hacker,allowing the hacker to keep $47 million as a bug bounty, according to the decentralized finance (DeFI) protocol governance forum.

The proposed terms reveal that $67 million of the stolen tokens will be returned, while $47 million will be kept by the hacker. 98% of the voters, or 291 million tokens, have voted in favor of the deal, which also stipulates that Mango Markets will not pursue criminal charges on the case.

With the quorum reached, the voting is likely to happen on Oct. 15. The proposal stated:

The funds sent by you and the mango DAO treasury will be used to cover any remaining bad debt in the protocol. All mango depositors will be made whole. By voting for this proposal, mango token holders agree to pay off the bad debt with the treasury, and waive any potential claims against accounts with bad debt, and will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described above.