Solana (SOL)-based DEX Mango Markets is set to settle with the U.S. Securities and Exchange Commission (SEC) over allegations of securities law violations and is voting on a possible settlement.
At this point, Mango DAO, which manages Mango Markets, initiated a vote on the “SEC Consensus Offer” yesterday, August 19.
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 Mango DAO proposal seeks to resolve the SEC’s allegations without admitting or denying any wrongdoing. The proposal received a quorum of 106,717,813 votes, with a unanimous “yes” vote.
SEC Alleges MNGO Token Was a Security and Eisenberg Stole $116 Million by Manipulating the Token!
In early 2023, the SEC accused 27-year-old US citizen Avraham Eisenberg of orchestrating an attack on cryptocurrency asset trading platform Mango Markets.
The SEC alleges that Eisenberg manipulated the MNGO token, a governance token offered and sold as a security, and stole approximately $116 million worth of crypto assets from the platform.
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The MNGO price, which has increased by 3.5% in the last 24 hours, continues to be traded at $ 0.015.
*This is not investment advice.
