Mango Markets DAO set to approve $47 million bounty for hacker

A governance proposal seeking to pay up to $47 million to the Mango Markets hacker is set to be approved as it reaches an approval quorum of over 96%.

Following the Mango Markets hack of Oct. 12, the hacker submitted a proposal asking the project to use up to $70 million from its treasury to repay some bad debts. He agreed to return the funds upon meeting his terms.

In response, the project team created a proposal on Oct. 14, seeking to come to terms with the hacker. As per the proposal, the hacker will return up to $67 million and keep the remaining $47 million as a bug bounty.

A note to the hacker reads:

“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.”

Mango Markets’ designated wallet for the refund has received only $8 million since the proposal launched some 12 hours ago.

If the hacker makes good on his promise, mango DAO treasury will complete the remaining funds needed to pay off the $70 million bad debt.

According to the Mango team, all deposits will receive their refunds once the proposal is passed and the hacker returns the funds.

As of press time, the proposal has reached a quorum of over 96%, with 119,000 votes in affirmation. Expectedly, the proposal will be passed on Oct. 15, at about 5:30 am EST.

According to CryptoSlate data, the  MNGO token is recovering having increased by about 11% in the last 24 hours, and trading at $0.02615.