Mango Markets Announces Closure Following SEC Settlement

Coin-Turk 10 months ago 194

Decentralized cryptocurrency exchange Mango Markets, based on Solana $187, has announced its closure after reaching a settlement with the U.S. Securities and Exchange Commission (SEC). The Mango DAO and development team plan to eliminate the main network asset, MNGO coin, from exchanges. The protocol aims to deter borrowing through new interest rates and collateral arrangements set to be implemented on January 13. An announcement on Mango’s social media stated, “Mango v4 and Boost are closing.”

Mango Markets’ Involvement in Past Crises

Mango Markets was rocked in October 2022 by an attack conducted by Avraham “Avi” Eisenberg. He manipulated the price of MNGO, extracting $110 million from the platform. Eisenberg defended this act as a “profitable trade” but was convicted of fraud in April 2023, although he continues to...

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