- Voting on Settlement Proposal
- SEC's Allegations and Mango DAO's Response
- Allegations Against Avraham Eisenberg
Solana-based decentralized exchange Mango Markets is considering a proposed settlement with the U.S. Securities and Exchange Commission (SEC) over allegations of securities law violations.
Voting on Settlement Proposal
Yesterday, August 19, Mango DAO, which manages Mango Markets, initiated a vote on the 'SEC Consensus Offer'. As part of this settlement, Mango DAO proposed a solution to the SEC that included paying a fine, destroying its MNGO tokens, and being removed from trading platforms. The proposal received a quorum of 106,717,813 votes, with a unanimous 'yes' vote.
SEC's Allegations and Mango DAO's Response
Mango DAO seeks to resolve the SEC’s allegations without admitting or denying any wrongdoing. The SEC alleges that the MNGO token is a security and subject to manipulation.
Allegations Against Avraham Eisenberg
In early 2023, the SEC accused 27-year-old U.S. citizen Avraham Eisenberg of orchestrating an attack on the Mango Markets platform. The SEC alleges that Eisenberg manipulated the MNGO token and stole approximately $116 million worth of crypto assets from the platform. The MNGO price has increased by 3.5% in the last 24 hours and is currently trading at $0.015.
The settlement between Mango Markets and the SEC could set a new precedent in the regulation of cryptocurrency projects.
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