Finance

Mango Markets DAO Considers $223K Settlement with SEC

Aug 20, 2024 1 min read

Jump to Summary

Mango Markets, a decentralized exchange on the Solana blockchain, has proposed a settlement with the U.S. Securities and Exchange Commission (SEC) to resolve allegations of securities law violations. The proposal, initiated by Mango DAO, includes a $223,228 civil penalty and the cessation of trading for its MNGO tokens. The SEC alleges that Mango DAO violated sections 5(a) and 5(c) of the Securities Act of 1933, while Mango Labs and Blockworks Foundation are accused of violating Section 15(a).

The proposed settlement follows investigations by the SEC, DOJ, and CFTC after a $110 million exploit on the platform in October 2022. The agreement requires MangoDAO to withdraw all MNGO tokens from trading within 10 days of finalization, impacting the platform's future operations. The settlement also stipulates that Mango DAO will neither admit nor deny the allegations. The proposal has received unanimous support from voters within the DAO, but the SEC has not yet made a formal decision. If accepted, this could set a precedent for how decentralized finance protocols engage with securities regulators.

#sec #cryptocurrency #entrepreneur #tech #voting

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil prices experienced a rebound as a potential hurricane approaches the U.S. Gulf Coast. West Texas Intermediate (WTI) crude futures rose by 1.48% to $68.67 per barrel, and Brent crude futures increased by 1.39% to $72.05 per barrel. This follows a period of declining prices

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech, a decentralized social media platform, saw a sharp decline in the value of its native token, FRIEND, after the team transferred control of its smart contracts to Ethereum's null address on September 8. This move, aimed at preventing future changes to the platform's fees

Three Israelis Killed in Allenby Crossing Shooting

Three Israeli civilians were killed in a shooting at the Allenby Bridge crossing between the West Bank and Jordan. The attacker, identified as a Jordanian truck driver, opened fire on Israeli workers at the crossing before being neutralized by security forces. Three additional individuals were critically injured and are receiving

Tether Diversifies with $100M Investment in Adecoagro

Tether, the world's largest stablecoin issuer, has invested $100 million to acquire a 9.8% stake in Adecoagro, a Latin American agricultural company with a presence in Argentina, Brazil, and Uruguay. This acquisition, completed between July 29 and August 16, 2024, involved purchasing over 10 million shares and