Top Tweets for #Mngo
MOON TO DEAD COIN | Project Review 81: solana:MangoCzJ36AjZyKwVj3VnYU4GTonjfVEnJmvvWaxLac (Mango Markets)
#MNGO (Mango Markets), A Solana lending & perps DEX, was drained of ~$116M in ONE DAY. The attacker didn't "hack" the codeโฆ he PUMPED Mango's own thin price oracle ~2,300%, borrowed against the fake collateral, and walked. Then he tweeted it was a "legal trading strategy." Today MNGO is ~$0.03, down ~94%. ๐ณ
The Raise (a "fair launch," no VCs):
โถ๏ธ Token Sale (10โ11 Aug 2021): raised $70.46M at $0.141/MNGO, one of Solana's biggest sales of 2021
โถ๏ธ 500M MNGO sold in an open Dutch-auction public sale, NO VC round, NO backers
โถ๏ธ THE IRONY: the entire $70M went into Mango's INSURANCE FUND, the "backstop to protect lenders." That's the fund the exploit blew straight through.
Sale Price:
โก๏ธ Token Sale (2021): $0.141 ( ATH ROI: 3.62x, ATH $0.5101 )
โถ๏ธ Today's ROI: 0.21x, sale buyers down ~79%. ATH cap $510M โ now $39M.
The Exploit (Oct 11, 2022):
โ Avraham Eisenberg deposited ~$5M $USDC into two accounts
โ Took huge offsetting long/short MNGO perp positions
โ Then BOUGHT thin MNGO on the 3 oracle-feeding exchanges (FTX, AscendEX, Serum), spiking it ~2,300%
โ His "long" collateral ballooned โ borrowed ~$116M against it โ drained ALL of Mango
โ MNGO fell back โ Mango insolvent, users lost everything
The aftermath ๐
โ He claimed it was "legal open market actions, using the protocol as designed"
โ A Mango DAO vote (~98%) let him KEEP ~$47M, return ~$67M
โ DOJ/SEC/CFTC charged him. CONVICTED (2024)โฆ then a judge VACATED it (2025), ruling a "permissionless, automatic" protocol couldn't be legally "deceived"
โ Mango shut down; MNGO โ ~$0.03 (-94% from ATH)
Lesson for my CryptoPatel Family:
๐ A PROTOCOL IS ONLY AS SAFE AS ITS ORACLE. Pumping a thin price feed minted fake collateral. Ask what feeds the oracle and how cheaply it can be moved.
๐ NEVER TRUST A PROTOCOL THAT TAKES ITS OWN ILLIQUID TOKEN AS PRIME COLLATERAL. A self-referential trap, huge red flag.
๐ AN "INSURANCE FUND" IS ONLY AS BIG AS THE WORST-CASE DRAIN. $70M backstop, ~$116M attack. If it's smaller than the attack surface, it's theater.
๐ "CODE IS LAW / IT'S JUST A TRADE" WON'T PROTECT YOUR DEPOSIT. Hack or "legal strategy," your money's gone the same way and courts may not even call it a crime.
Not every drain is a "hack", some are just someone using a protocol's bad design against it, then arguing it was legal. For a depositor, the label doesn't matter. Before you lend: check the oracle, check the collateral, never assume "the code allowed it" means you're safe.
Educational Only. Not Financial Advice. ALWAYS DYOR.
@mangomarkets
MOON TO DEAD COIN | Project Review 80: ethereum:0x41e5560054824ea6b0732e656e3ad64e20e94e45 (Civic)
Do you know?
#CVC (Civic) promised to let you OWN your digital identity on the blockchain, verify KYC once, use it everywhere. It raised $68.75M (backed by Pantera & DCG) and hit $1.70, a $645M market cap. Today: ~$0.0228, down -98.6%, still below its ICO price 9 years later. ๐ณ
The Raise:
โถ๏ธ Total raised: $68.75M โ Seed $2.75M + ICO $33M + a 2017 round $33M
โถ๏ธ ICO price: $0.10/CVC; 1 BILLION supply (100% circulating)
โถ๏ธ Backers: Pantera (T1), Blockchain Capital (T1), DCG, Tally Capital
Sale Price:
โก๏ธ ICO: $0.10 ( ATH ROI: 16.62x, ATH $1.70 )
โถ๏ธ Today's ROI: 0.23x, ICO buyers down ~77%. ATH cap $630.4M โ now $22.81M (-98.6%).
Here's the wild part ๐:
โ "Decentralized identity" is a TRUST + ADOPTION problem, businesses trust established KYC providers; everyone needs the SAME system. A token can't manufacture that.
โ Users didn't switch to a crypto ID app. Businesses stuck with Jumio/Onfido. Adoption never came.
โ You don't need a VOLATILE token to prove who you are, CVC was bolted-on fuel with no demand (see solana:2bQBNJfkGLsCkKEHJUgdFnPoQvDqpW6SYoJ6Zfrtpump, ethereum:0x3597bfd533a99c9aa083587b074434e61eb0a258)
โ Civic kept pivoting to chase every narrative, Civic Pass on Solana, now even an "AI Agents" tag, the token never recovered
โ $1.70 โ ~$0.02, still under ICO price
Today: ~$0.0228 (down -98.6% from ATH), ~$22.81M market cap, rank #636.
Lesson for my CryptoPatel Family:
๐ SOME PROBLEMS A TOKEN CAN'T SOLVE. Identity needs institutional TRUST + mass adoption, A coin creates neither. "Blockchain will fix identity/voting/healthcare" almost never ships.
๐ IF THE SERVICE DOESN'T NEED A VOLATILE TOKEN, THERE'S NO DEMAND. (See REP, solana:SRMuApVNdxXokk5GT7XD5cUUgXMBCoAz2LHeuAoKWRt, DENT.)
๐ TIER-1 VCs AREN'T A PRICE FLOOR. Pantera, Blockchain Capital & DCG backed it, still -98.6%.
๐ CHASING EVERY NEW NARRATIVE IS A RED FLAG, NOT RECOVERY. Identity โ DeFi โ Solana โ "AI Agents", re-skinning for each trend is hunting for lost relevance. The bag stayed down.
A useful idea, Tier-1 VCs, a sold-out ICO and the token STILL bled -98.6%, below ICO price 9 years on, because identity is a trust-and-adoption problem a token can't buy. Ask: does it even NEED a token, and can it win mass adoption?
Educational Only. Not Financial Advice. ALWAYS DYOR.
@civickey
TOP5 Most Voted #Exchanges Ranking Projects - Week 40 ๐ฅ
๐ฅ #MKSWP @makeswap
๐ฅ #ICR @IntercroneWorld
๐ฅ #CAKE @pancakeswap
4๏ธโฃ #SUN @defi_sunio
5๏ธโฃ #MNGO @mangomarkets
Only one hour left to enter the MNGO giveaway!๐ฆฉ
To enter all you need to do is purchase a Puff- one buy = one entry ๐ฒ
https://t.co/20FQ8PRUjZ
๐จโโ #MNGO A US judge has overturned the fraud and market manipulation convictions of exploiter Mango Markets, ruling that Mango's system could not have been defrauded in a legal sense because the defendant simply used poorly designed code without authorisation
#MNGO In a major turn of events, a U.S. judge has overturned fraud and market manipulation convictions against Avraham Eisenberg, the exploiter of Mango Markets.
The court ruled that Eisenberg didnโt commit fraud in a legal sense - instead, he exploited poorly written smart contract code without making false claims. This comes after:
- Mango Markets shut down operations
- Mango Labs sued two DAO leaders over the alleged theft of $10M The case could set a new precedent for how DeFi exploits are judged in court.
๐ฉโโ๏ธ Mango Markets exploiter Avraham โAviโ Eisenberg was sentenced to over fours in federal prison in New York on Thursday.
#MangoMarkets #MNGO
https://t.co/N9518yNyKv
Giveaway happening now in @MikeHuntCrypto Discord ๐ฆซ
Mint a Mike Hunt for a chance to win MNGO #1334. Only 4 people have entered so far, so your odds are looking real good! NFT must be newly minted. Youโve got from now โtil tomorrow to lock it in! ๐
Donโt miss out!
Your support seriously means the world.. thank you for riding with us โจ
Another announcement coming soon ๐
https://t.co/d9yHueBjTM
https://t.co/chsvePhPvH
Awesome Raffle win over at @yieldling . Won this scary bride from my other favorite project @ShittyKitties_ Thanks Stich @mostlyfrens @yieldling #ShittyKitties #MNGO
๐บ Mango Markets Faaliyetlerini Durduruyor. #coinzonia #mangomarkets #solana #dex #MNGO
๐ฐ $BLT Biriktirmek iรงin #telegram #miniapp https://t.co/Ml2xM5DjC2
@coinzonia @solana @SolanaTurkiye
https://t.co/3kwkCZp2Wr
https://t.co/IQQRrx1PiW Daily Digest
Top 3 NFT Sales ๐ผ๏ธ
โ ๐ฅ M.N.G.O #2471
โ ๐ฅ SK4L #720
โ ๐ฅ Shitty City #425
THE #MNGO NFT GIVEAWAY WINNER! ๐
With 243 qualified participants, over 11k+ views and now the winner of MNGO 1507 is... ๐ฅ๐ฅ๐ฅ
@ReferralSeeker ๐๐๐
Well done - please let me know your preferred #Algorand address in the comments or DM :)
Shall I continue the giveaways?!๐
LFG #AlgoKitUtils for the WIN ๐
Update incoming but now going to take a break been doing this for a straight 6.5+ hours ๐ (after i give away that #MNGO now!)
The coding adrenaline is real xD
Lets just say frontend is dancing with the smart contract ๐๐ S/O @qedalgo Legend!
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