DAO behind Mango Markets votes for SEC settlement
The DAO’s settlement offer includes destroying its MNGO holdings and ceasing all sales of tokens
The DAO behind Mango Markets is planning to pay a civil penalty of $223,228 as part of a settlement offer to the Securities and Exchange Commission to avoid litigation.
In the ongoing governance proposal , the settlement offer would also include an agreement to halt all offers and sales of MNGO tokens, destroy all its MNGO holdings and request the delisting of MNGO for trading from “all crypto asset exchanges and trading platforms where the DAO is aware MNGO is trading.”
The vote is likely to pass unanimously, with 100% (295,244,521) of all votes in favor of the governance proposal.
Newsletter
Subscribe to Blockworks Daily
Mango Markets was one of Solana’s top DEX protocols that, at its peak, enjoyed a TVL of almost $200 million, according to DeFiLlama.
The protocol was subsequently exploited in October 2022 by Avraham Eisenberg, who manipulated the price of MNGO upwards in order to take out a loan of $120 million. When the price of MNGO subsequently crashed, the protocol was left with bad debt.
Read more: Crypto trader convicted in $110M Mango Markets fraud trial: Bloomberg
Eisenberg even sought to pay back half the loan in exchange for the DAO agreeing not to criminally prosecute him, though that vote failed .
The DOJ , CFTC and SEC subsequently launched investigations into Eisenberg for his market manipulation of Mango Markets. Mango Labs LLC also sued Eisenberg for his actions, while the protocol itself simultaneously faced “inquiries” from “some regulators,” according to a January governance proposal.
Eisenberg was arrested in December 2022 and charged with commodities fraud , commodities manipulation and wire fraud. A jury found him guilty back in April on all three counts after his legal team unsuccessfully argued that he merely executed a profitable trading strategy.
However, Eisenberg’s legal team is seeking either an acquittal or new trial on the grounds that the original trial was “improperly venued” in the Southern District of New York.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter .
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter .
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
- DAO governance
- Mango Markets
- SEC
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MAJORUSDT now launched for futures trading and trading bots
Bitget has launched MAJORUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 28, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. MAJORUSDT-M perpetual futures: Parameters Details Listi
Top Altcoins with Rising Sentiment Post-Market Recovery
Pump Science apologizes after GitHub key leak leads to fraudulent tokens
Share link:In this post: The DeSci platform Pump Science has warned its users not to trust any tokens launched using its Pump.fun profile. Pump Science said it would never launch its tokens on Pump.fun. While Pump Science holds BuilderZ partially responsible for the security breach, it does not think BuilderZ was the attacker.
Bitget Spot Bot adds MAJOR/USDT
We are pleased to announce that Bitget spot bot has now added: MAJOR/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest at your own
Trending news
MoreCrypto prices
More
