Mango Markets shuts down following SEC settlement
Mango Markets, a decentralized exchange on the Solana blockchain, is shutting down operations as of January 11, 2024. Users are advised to close their positions before governance proposals to end borrowing and lending take effect on January 13. This decision follows a settlement with the SEC regarding the sale of unregistered securities, where Mango DAO agreed to pay $700,000 in penalties and destroy MNGO tokens. The SEC's allegations included raising over $70 million through MNGO tokens in violation of the Securities Act. The platform's total value locked has dropped 95.7% from its peak, now at $9 million. The shutdown is also linked to a significant exploit in October 2022, where over $100 million was drained by trader Avraham Eisenberg, who faces ongoing legal issues and potential prison time.
