Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

The community of Solana-based DeFi platform Mango’s has approved a counteroffer to its exploiter as the group seeks to retrieve its stolen assets.

Mango was exploited earlier this week for over $100 million, sending its MNGO token plunging.

“Within 12 hours of the proposal opening, you shall send back the assets other than USDC, MSOL, MNGO, and SOL as a show of good faith,” reads the counteroffer. “The remaining assets shall be sent within 12 hours once the vote is complete and passes,” the community wrote in its proposal.”

The bad debt that’s the center of discussion for proposals and counter proposals comes from a bailout that Mango Markets and rival Solana lending platform Solend put together for a large Solana whale that had $207 million in debt spread across multiple lending platforms.

The vote has passed, with 96.3% of respondents voting in favor of the resolution.

It appears that the exploiter’s original offer was rejected as less than 10% of respondents have voted in favor, and a quorum wasn’t reached.

The exploiter has yet to respond to the community’s counter offer.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.