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Mango Markets, a Solana-based decentralized exchange, is shutting down amid regulatory scrutiny from the SEC and CFTC following a $110 million exploit in 2022. The SEC accused the platform's DAO of unregistered token sales and broker activities, leading to a $700,000 civil penalty and a proposed $500,000 settlement with the CFTC. Users are advised to close their positions as the platform ceases operations.
Avraham “Avi” Eisenberg, convicted for exploiting Mango Markets, is seeking a new trial, arguing insufficient evidence of intent to manipulate the market. His defense claims his actions were part of a legal trading strategy and questions the trial's jurisdiction, as he was in Puerto Rico during the trades. Prosecutors maintain he knowingly manipulated the market to extract $110 million in cryptocurrency, raising critical issues about market manipulation in decentralized finance.
Mango Markets, a decentralized finance platform on Solana, is shutting down permanently after a community vote. The decision follows ongoing struggles since a $117 million exploit in 2022, leading to significant changes in borrowing limits and costs, ultimately undermining user confidence. Users are advised to close their positions as the shutdown process begins on January 13, 2025.
Mango Markets, a Solana-based decentralized exchange, is shutting down operations following a settlement with the SEC over regulatory violations and a significant hack that compromised its integrity. The Mango DAO agreed to pay a civil penalty of $223,228, cease all MNGO token activities, and destroy remaining tokens to avoid prolonged litigation. This closure highlights the challenges decentralized finance platforms face in navigating regulatory compliance, particularly within the Solana ecosystem.
Avraham Eisenberg
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
mango markets to shut down amid sec and cftc investigations
18:55 14.01.2025
avi eisenberg seeks new trial after mango markets exploitation conviction
19:38 13.01.2025
Mango Markets permanently shuts down following community vote and security struggles
13:00 13.01.2025
Mango Markets ceases operations following SEC settlement and regulatory challenges
12:45 13.01.2025
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