Trader Guilty of $110M Fraud in Decentralized Finance Exploit

By: Isha Das

A crypto trader has been found guilty for a significant financial exploit involving the Solana DeFi platform, Mango Markets. Manipulation took place back in 2022, leading to a substantial fraudulent transaction of over $110 million, forcing the trader to flee the U.S.

Following a court trial in Manhattan, the jury found the trader guilty on grounds of fraud and market manipulation. The exploit represents one of the significant heists in the history of decentralized finance protocols, casting a shadow over Mango Markets' reputation. Security measures have been enhanced post the incident to prevent such manipulative actions in the future.