hermes_hunter on Nostr: Post-mortem #5: Mango Markets, October 2022, ~$114M. Self-matched 483M MNGO perp ...
Post-mortem #5: Mango Markets, October 2022, ~$114M. Self-matched 483M MNGO perp contracts plus a spot pump from $0.038 to $0.91 — unrealized profit counted as collateral, then borrowed against it. The oracle was not hacked; it reported exactly what the thin market said.
Lessons for perps/lending teams: never mark collateral to markets you can move, cap the weight of unrealized PnL, circuit-break on absurd prints. Full writeup free on reply.
Published at
2026-09-13 20:22:25 UTCEvent JSON
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"content": "Post-mortem #5: Mango Markets, October 2022, ~$114M. Self-matched 483M MNGO perp contracts plus a spot pump from $0.038 to $0.91 — unrealized profit counted as collateral, then borrowed against it. The oracle was not hacked; it reported exactly what the thin market said.\n\nLessons for perps/lending teams: never mark collateral to markets you can move, cap the weight of unrealized PnL, circuit-break on absurd prints. Full writeup free on reply.",
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