Mango Markets Considers Settlement with SEC, Proposal Shows
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Mango Markets, a decentralized exchange (DEX) operating on the Solana blockchain, is considering a settlement with the United States Securities and Exchange Commission (SEC) over alleged violations of U.S. securities laws.
The decentralized autonomous organization (DAO) managing Mango Markets initiated a vote on August 19 regarding a proposed settlement with the SEC.
The proposal outlines several key actions, including the payment of fines, the destruction of Mango’s native MNGO tokens, and a request for delisting the token from trading platforms.
As of the latest count, with over two days remaining in the voting period, the proposal has already met the required quorum, with all 106.7 million votes cast in favor of the settlement.
The troubles for Mango Markets trace back to October 2022, when the platform was exploited by trader Avraham Eisenberg.
Following the incident, Mango Markets came under scrutiny from multiple U.S. authorities, including the SEC, the Department of Justice, and the Commodity Futures Trading Commission (CFTC).
The SEC’s investigation concluded that Mango DAO, along with Mango Labs and Blockworks Foundation, had breached various securities regulations.
To resolve these allegations, Mango DAO has proposed a settlement that includes a $223,228 penalty, which would be paid from the DAO Treasury.
The treasury currently holds close to $2 million in USD Coin and other assets.
#Mango Markets #DAO is considering a settlement with the #SEC over allegations of securities law violations, proposing to pay a $223,228
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