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After $114 million attack, Mango Markets implements new security measures to protect users

DEX Mango Markets Will Alter Multi Sig Feature to Mitigate Security

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TL;DR

  • Mango Markets is set to launch its version 4 rollout with a range of enhanced security features.
  • The exchange had temporarily suspended operations in October after an exploit resulted in $114 million being siphoned out of the system.

Solana-based decentralized exchange (DEX) Mango Markets has announced the rollout of version four (v4), unveiling two new features designed to mitigate potential security threats. The exchange had temporarily suspended operations in October after an exploit resulted in $114 million being siphoned out of the system.

To protect against future hacks or exploits, Mango will impose limits on its multi-sig wallet and allow the security council to put the protocol into “post-only mode” in response to unforeseen market conditions. This would involve a vote by the decentralized autonomous organization (DAO) over whether to halt trades, force settlement, or update risk parameters.

Mango, which had processed over $28 billion in transactions since its inception before halting operations, is expected to release its v4 product into beta mode over the coming months. A definitive date has yet to be announced.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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