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Mango Markets To Shut Down Following Battle With The SEC

Mango Markets To Shut Down Following Battle With The SEC
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The decentralized exchange was found to be offering illegal securities

Mango Markets, a Solana-based decentralized exchange, has announced it will shut down operations following a prolonged legal battle with the US Securities and Exchange Commission (SEC). Users have been advised to close their positions, with governance-approved changes to the platform set to take effect soon, effectively halting borrowing and lending activities.

The decision to close follows a settlement with the SEC over allegations that Mango DAO sold unregistered securities. The SEC claimed that Mango raised over $70 million through its MNGO governance tokens in 2021, a violation of US securities laws. The settlement required Mango DAO to pay $700,000 in penalties, destroy its MNGO tokens, and request exchanges to delist them.

Launched in August 2021, Mango Markets offered decentralized trading and lending on the Solana blockchain, promoting low-cost and fast transactions. At its peak, the platform had over $210 million in total value locked, but it now stands at just $9 million, a 95% decline, according to DefiLlama.

The platform’s troubles were compounded by a major exploit in October 2022, when trader Avraham Eisenberg manipulated the protocol, draining over $100 million. Although he returned $67 million following a community governance vote, the incident caused lasting damage.

Eisenberg was later arrested and charged with fraud and market manipulation. His sentencing has been delayed multiple times, with the next hearing scheduled for April 2025.

Mango Markets’ closure marks the end of a platform once seen as a promising player in decentralized finance. Its legal and operational challenges highlight ongoing regulatory and security hurdles in the crypto space. Despite its shutdown, Mango Markets’ rise and fall remain a cautionary tale for blockchain projects navigating compliance and security in an evolving landscape.

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