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Mango Markets Will Alter Multi-Sig Feature to Mitigate Security Threats After $114M Exploit
The decentralized exchange will upgrade its security in a new version of its platform.
Updated Feb 24, 2023, 2:22 p.m. Published Feb 24, 2023, 12:24 p.m.
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Solana blockchain-based decentralized exchange Mango Markets has announced two new features ahead of its version 4 rollout, with focus on mitigating immediate security threats.
Mango has been offline since it suffered an exploit in October that resulted in $114 million being siphoned out of the exchange after its pricing oracles were manipulated.
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In an attempt to avoid another attack, Mango will impose new limits on the multi-sig wallet, which will allow the developers to respond to "unforeseen market dynamics" and any vulnerabilities in the program code.
"All other changes to the program need to be approved by all holders of the DAO," the exchange said in a tweet, using the acronym for a decentralized autonomous organization.
In the event of unforeseen market conditions, Mango's security council can put the protocol into "post-only mode" to limit deposits, purchases, lending and position increases. The DAO can then vote on whether to halt trades, force settlement or update risk parameters.
The exchange, which processed over $28 billion in transactions from its inception to when it was halted, is expected to put its v4 product into beta mode over the coming months, although a definitive date isn't set.
Read more: Legal Expert Says Mango Markets Exploit Case Is Wake-Up Call for DAOs
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