After the unfortunate hacking incident, Mango Markets is now ready to offer a huge bug bounty to the hacker who stole millions of dollars from the protocol.

On Tuesday, Solana DeFi’s Mango Markets protocol was hacked and the hacker stole over $100 million. Shortly after the hacking incident, the attacker offered the Mango Markets team a deal.

The deal offered was that, if approved, the hacker would return the stolen tokens of approximately $67 million, and then the remaining $47 million would be used as a bug bounty.

Additionally, the protocol would use $70 million worth of treasury funds to settle bad debts and will not report any criminal investigations once the agreed amount of tokens have been returned.

The proposed deal was sent to Mango Markets DAO (decentralized autonomous organization) to approve the deal.

After DAO contemplation of Mango Markets, they are finally ready to approve the hacker’s deal, which is to use the remaining $47 million stolen tokens as bug bounty.

The Mango Market team used a governance voting approach for this deal. So far, a large number of DAO people have been participating in the governance vote, with 119 million tokens already placed in favor of bounty approval.

Before the proposal, the hacker had created a government vote for the proposal and voted on it with 33 million stolen tokens. However, since the proposal did not have the required quorum to be approved, it was not valid.

But now, many participants are already voting in favor of the hacker’s proposal. It looks like the quorum could pass soon. If the bounty is accepted, it will be one of the largest bug bounties in cryptocurrency history.

During the Mango Markets MNGO token sale, the token was one of the largest token sales on the Solana blockchain in 2021. As reported Per Blockchain.News, the protocol raised a total of $70.4 million from the token sale at the time.

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