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Mango Profile picture
Mango
@mangomarkets
discord: https://t.co/NAjJsXk1Wg
Oct 12, 2022 • 7 tweets • 2 min read
Around 22:00 UTC October 11th the 🥭 protocol had an incident involving the following:

-2 accounts funded with USDC took an outsized position in MNGO-PERP

-Underlying MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes -This led to Switchboard and Pyth oracles updating their MNGO benchmark price to $0.15+

-This further caused a mark-to-market increase in the value of the account that was long MNGO-PERP from the unrealized profit