Mango Markets exchange
Overview
Mango Markets was a decentralised exchange for digital assets that allowed users to trade swap contracts, including those tied to its native token, MNGO. In October 2022, trader Avraham Eisenberg exploited the platform by establishing large leveraged positions in MNGO/USDC perpetual swaps through anonymous accounts. He subsequently purchased MNGO on the three exchanges that supplied Mango's price oracle, causing the oracle price to increase by more than thirteen times within approximately thirty minutes. This enabled him to borrow against the inflated collateral, ultimately extracting over $110 million in digital assets. Eisenberg later returned roughly $67 million, retaining approximately $47 million. The Commodity Futures Trading Commission characterised this as its first enforcement action involving oracle manipulation on a decentralised exchange.
Within The Counterparty graph, Mango Markets connects to 1 tracked entity, most strongly to Solana.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Solana | 85% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
How was Mango Markets exploited?
The attacker manipulated the oracle by inflating the MNGO token price on exchanges that supplied data to Mango Markets, while maintaining large leveraged MNGO/USDC swap positions, and subsequently borrowed funds against the inflated collateral.
How much was taken?
Digital assets valued at more than $110 million were removed; approximately $67 million was later returned, leaving roughly $47 million in the attacker's possession.
What was the regulatory response?
The CFTC charged Avraham Eisenberg, marking its first enforcement action for oracle manipulation on a decentralised exchange.