• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

The Story and Closure of Decentralized Exchange Mango Markets on Solana Blockchain

user avatar

by Giorgi Kostiuk

3 months ago


The decentralized exchange Mango Markets on the Solana blockchain has announced its closure due to a series of legal issues and the aftermath of a hack.

Launch and Objectives of Mango Markets

Launched in August 2021, Mango Markets aimed to offer fast and affordable trading using MNGO tokens. The platform quickly gained popularity for its low fees and high transaction speed.

Legal Issues and Hacks

In September 2024, the U.S. Securities and Exchange Commission (SEC) charged Mango DAO with selling unregistered MNGO tokens, raising over $70 million. As part of the settlement, Mango agreed to pay a $700,000 fine and remove MNGO tokens from exchanges.

Additionally, in 2022, the platform suffered a major hack when trader Avraham 'Avi' Eisenberg manipulated the MNGO price and stole over $100 million. Despite returning $67 million following a community vote, he retained $40 million, leading to his arrest for fraud and market manipulation.

Closure Decision and Community Reaction

The decision to close Mango Markets was made following a community proposal to halt borrowing and lending on the platform. This proposal was widely accepted, and the closure is set to take effect on January 13, 2025.

The Mango DAO, responsible for key decision-making, chose to shut down the platform to avoid further complications. Many contributors expressed a desire to move on from the ongoing legal and financial issues.

The closure of Mango Markets marks the end of a significant project in the world of decentralized finance, facing both regulatory pressure and technical challenges.

0

Share

Other news

Mintlayer Secures $50M for Bitcoin Ecosystem Growth

Mintlayer launches $50M fund to support projects on its platform, enhancing Bitcoin's DeFi potential.

user avatarGiorgi Kostiuk

a minute ago

Token Choices: Dogecoin and Shiba Inu Forecasts, Remittix's Innovative Approach

Exploring Dogecoin's latest news, Shiba Inu's forecasts, and Remittix's real-world applicability.

user avatarGiorgi Kostiuk

a minute ago

Changpeng Zhao and Binance Charity Support Earthquake Victims

Changpeng Zhao has donated 1,000 BNB through Binance Charity to aid earthquake victims in Myanmar and Thailand.

user avatarGiorgi Kostiuk

a minute ago

Crucial Kazakhstan-UAE Talks on Digital Assets and FinTech

Kazakhstan and UAE discuss cooperation in financial markets, digital assets, and investments.

user avatarGiorgi Kostiuk

2 minutes ago

Zodia Custody and Bybit: New Partnership for Institutional Investors

Zodia Custody and Bybit form a partnership to create a secure digital asset trading and storage platform.

user avatarGiorgi Kostiuk

2 minutes ago

Top Cryptocurrencies for 2025: Qubetics, ImmutableX, and Filecoin

Qubetics, ImmutableX, and Filecoin are leading the crypto market with innovations in blockchain and decentralized technologies.

user avatarGiorgi Kostiuk

3 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.