The Solana (SOL)-based decentralized exchange (DEX) Mango Markets is shuttering after dealing with a slew of regulatory issues last year. The DEX announced its closure on Saturday, issuing proposals designed to make borrowing on the platform economically unviable. “Mango Markets will be shutting down. It is time for users to close their positions.” The U.S. […]
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The U.S. Securities and Exchange Commission (SEC) has agreed to a settlement with the Solana (SOL)-based decentralized exchange (DEX) Mango Markets over alleged regulatory violations. The SEC alleges that the DEX’s decentralized autonomous organization (DAO) skirted registration provisions and deprived investors of critical protections. The regulator says Mango DAO raised more than $70 million from […]
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The Solana (SOL)-based decentralized exchange (DEX) Mango Markets has proposed a $500,000 settlement with the U.S. Commodity Futures Trading Commission (CFTC). The DEX’s decentralized autonomous organization (DAO) voted this week to approve a settlement offer proposal that includes the civil penalty and an agreement to cease and desist from violating various commodity regulations. The $500,000 […]
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Solana-based decentralized exchange Mango Markets is considering offering the CFTC a $500,000 civil penalty to resolve the regulator’s allegations against the platform.
Solana-based decentralized exchange Mango Markets could soon be fined another $500,000, this time to settle allegations brought by the Commodity Futures Trading Commission.
In a Sept. 22 proposal from Mango Markets’ legal representatives to the Mango DAO, the lawyers noted an “ongoing and nonpublic” investigation from the CFTC. They suggested fronting up half a million dollars to end it.
According to the proposal and additional statements in the Mango Markets’ Discord server, the decentralized exchange faces charges from the CFTC for allegedly failing to register as a commodities exchange, illegally offering services to customers in the US, and failing to implement sufficient KYC measures.
Following the exploit, Eisenberg claimed he negotiated a settlement with Mango Markets' insurance fund to ensure users retained their money.
Prosecutors for the United States Southern District of New York (SDNY) filed a motion on Sept. 18 opposing Mango Markets exploiter Avraham Eisenberg's request for acquittal or a new trial.
According to the documents filed by SDNY attorneys, the jury correctly convicted Eisenberg by evaluating a "mountain of evidence" beginning with the prosecution's assertion that Mango perpetual swaps are subject to the Commodities Exchange Act.
The federal prosecutors stressed that Eisenberg's defense — arguing the fraud charges do not apply in the case because the defendant did not seek to manipulate the market price of the underlying asset — were materially incorrect and noted the jury instructions on price manipulation. Attorneys for the Southern District of New York asserted:
A decentralized finance (DeFi) platform based on the smart contract platform Solana (SOL) is drafting a proposal to settle with the U.S. Securities and Exchange Commission (SEC). In a new community proposal, the decentralized autonomous organization (DAO) of Mango Markets (MNGO) has voted to settle with the SEC even though the regulator hasn’t formally charged […]
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Mango Markets, the Solana-based decentralized finance (defi) platform that lost more than $110 million in 2022, is currently holding a vote on a proposed settlement with the U.S. Securities and Exchange Commission (SEC) over alleged securities violations. Should the proposal pass, it could result in a settlement involving a financial penalty and the end of […]
The proposed settlement involves Mango DAO neither admitting nor denying wrongdoing and paying a $223,228 fine.
Mango Markets is considering making a settlement offer with the United States Securities and Exchange Commission (SEC) over allegations it violated US securities laws.
The DAO that manages the Solana-based decentralized exchange (DEX) opened voting for an “SEC Settlement Offer Proposal” on Aug. 19.
The Mango DAO proposed a settlement that includes paying fines, destroying its MNGO tokens, and seeking delisting from trading platforms.
Avraham “Avi” Eisenberg, who was previously convicted of commodities fraud, commodities manipulation, and wire fraud related to his trading activities on Mango Markets, is pushing for his conviction to be cleared. Eisenberg’s legal team has filed a motion for judgment of acquittal or, alternatively, a new trial, citing several legal and evidentiary flaws in the […]A jury has unanimously found the trader behind the $110 million exploit of Solana (SOL)-based decentralized finance (DeFi) trading platform Mango Markets guilty in the first-ever cryptocurrency market manipulation case in the US. In a statement, the Department of Justice says that Avraham Eisenberg was convicted of commodities fraud, commodities market manipulation and wire fraud […]
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