On Oct 11, 2022, Mango Markets suffered an exploit which consequently led to assets in their lending pools being drained. Tulip Protocol was partially affected in our USDC and RAY strategy vaults, with the amounts being 2465940.847 USDC tokens and 68475.68142 RAY tokens. Through negotiation efforts, Mango Markets have been able to retrieve some funds from the exploiter and the outstanding balance being covered by MangoDAO. With this, all users in the USDC and RAY strategy vault will be made whole with no material loss incurred.
Since the exploit, deposits and withdrawals have been disabled on the USDC and RAY strategy vaults. This ensures that the state of the vault shares have remained the same. With Mango Markets allowing users to claim their owed balance, Tulip will be able to do so for the two affected vaults. Our team will programmatically interact with Mango Market’s claim function. This function will transfer the token amounts 2465940.847 USDC and 68475.68142 RAY into each vault respectively, restorin