| > User acquires an/a set of in perpetuity futures contracts. (A future without an expiry date, effectively, what? A pin I guess?) Idea being, this order indicates intent to swap at volume $MNGO to $USDC at $RATE. No, a perpetual future is like a basket of daily futures that roll over automatically when they expire. Also, an order is different from a position. The user acquired a long position in one account and a short position in another. > Centralized exchanges sees the futures order, and starts cranking up the price of $MNGO due to the increased interest in swapping based on the presence of the Futures. No, the activity on the Mango DEX had no impact on the price of MNGO on centralized exchanges. The user had to separately buy a bunch of MNGO on centralized exchanges to manipulate the price. > The Futures contracts are leveraged, but require no collateral, because there is no expiry date on the Future (no intended date of delivery). They require collateral. That's why the user had to send $5mm to each of the two accounts they used at the Mango DEX as the first step of the attack. > So the order volume (spot token purchases) induced upward price movement and... What? Caused other uninvolved investors to buy his acquired tokens at a peak, and he just takes the money and cashes out never intending to actually honor or settle up the perps, which won't margin call, because they're still "good" but will never mature? I'm failing to see an exfil path for ill-gotten gains/financial chicanery beyond the seemingly obvious wash trading. The user could withdraw dollars from Mango because their long MNGO-PERP position was in profit. |