MangoMarkets
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This is the end of Mango Markets. š„
Once a rising star on the $SOL network, Mango Markets has announced its shutdown.
At its peak, it reached $200M in total value locked, but the $110M exploit by Avi Eisenberg and the financial strain of an SEC settlement were too much. Despite governance votes and rebuilding efforts, the story of Mango Markets has reached its conclusion.
#MangoMarkets #Mango
Once a rising star on the $SOL network, Mango Markets has announced its shutdown.
At its peak, it reached $200M in total value locked, but the $110M exploit by Avi Eisenberg and the financial strain of an SEC settlement were too much. Despite governance votes and rebuilding efforts, the story of Mango Markets has reached its conclusion.
#MangoMarkets #Mango
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Mango Markets shuts down today, after an agreement with the SEC
Mango Markets, one of the decentralized exchanges on the Solana blockchain, announced its shutdown on January 11, 2025. Users are advised to close their positions before the platform officially ceases all operations on January 13.
Source: Mango
Reasons for this decision
The collapse of Mango Markets stemmed from legal and financial issues. In September 2024, the U.S. Securities and Exchange Commission (SEC) accused Mango DAO and Blockworks Foundation of violating the Securities Act of 1933 by selling governance tokens MNGO worth over $70 million without registration. Additionally, Mango Labs was also accused of operating as an unregistered broker, violating the Securities Exchange Act of 1934.
Source: Mango
Reasons for this decision
The collapse of Mango Markets stemmed from legal and financial issues. In September 2024, the U.S. Securities and Exchange Commission (SEC) accused Mango DAO and Blockworks Foundation of violating the Securities Act of 1933 by selling governance tokens MNGO worth over $70 million without registration. Additionally, Mango Labs was also accused of operating as an unregistered broker, violating the Securities Exchange Act of 1934.
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