Following its recent hack, Solana-based DeFi protocol Mango Markets proposed a plan to reimburse victims.

This information was first revealed on the platform’s Discord on Monday.

The team will cross-check victim balances from an hour before the attacker made his first deposit to exploit the platform. Once this proposal is published, the MangoDAO will have 72 hours to vote before it ends.

Mango Markets co-founder Daffy Durairaj stated on the platform’s Discord that one of the main goals of the payment strategy is to reduce the gap between the tokens users had before the exploit and the tokens they will receive.

All borrowed funds, or perpetual futures, will be settled accordingly, and the profit and loss (PNL) will be converted to USDC.

Borrowed funds will be repaid through the treasury; Mango Markets will check each token in its treasury, the sequence from minimum to maximum, and will pay the borrowed amounts in that order.

The repayment of the borrowed funds will be done in this way so as not to affect the price and volatility of the token.

Also, the price of the tokens returned to users will be used to calculate your total refund. Durairaj also mentioned that the MANGO token would be paid last, as the MANGO price has changed the most since the snapshot, with a token down 50% since the exploit.

Notably, this update comes days after the Mango Markets community approved the hackers’ deal to use a total of $47 million of the stolen funds as a reward.

It’s also worth noting that a self-proclaimed digital art dealer named Avraham Eisenberg has acknowledged that he and a team hacked the Mango Markets protocol.

However, despite the damage Eisenberg and his team caused with the exploit, he still feels no remorse because he claims his actions were legal.

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