​This is Web3's wildest hack to date

Actually, you know what - this ain't a hack, it's a hostage situation.

Here's what happened:

• A hacker just stole $100M worth of tokens from the Mango Markets decentralized exchange (DEX) platform.

• A lot of those tokens were voting tokens for the Mango Markets DAO.

• The hacker made certain demands in a DAO proposal.

• Then used their newly acquired voting power to vote in favor of meeting their own demands.

Those are the cliff notes, here's what it all means:

DAOs are essentially crypto funds - you put money into the fund, you get DAO tokens in return. The more DAO tokens you have, the more votes you get when deciding how to spend the money.

(That's a heavy schmear of 'DAO' right there).

After draining $100M from the Mango Markets platform, the hacker then proposed a 'solution' to the community, essentially saying this:

I notice you have a $70M fund, to repay bad debt...

How about I give you back the tokens I stole, and you give me that $70M as a thank you for pointing out vulnerabilities on your platform.

Sound good?

The hacker then put it to a vote and used their excess DAO tokens to cast 33 million votes in favor of the proposal (vs 22 thousand against).

(Whether these votes are honored or not, is yet to be seen).

And the community? They ah...they didn't take nicely to it.

Seriously, YouTube comment sections have nothing on this DAO thread. One comment is so grimly descriptive that we don't feel comfortable writing it here.

BUT - if you have a certain morbid curiosity that needs feeding, you can check out the thread here.

(Look for the comment involving a belt sander - it's WILD).