January 13 at 23:00 Moscow time will close Mango Markets is a decentralized cryptocurrency platform that provides lending and trading services.
Mango Markets customers voted unanimously to close the platform, so updates aimed at winding down the company's business will go into effect on Monday. Smart contracts DeFi will continue to operate, but their use will become absurd from an economic point of view. For example, the interest rate on loans issued in digital assets will increase several times, and the requirement for the amount of collateral will increase tenfold.
Mango Markets is winding down its business. It is time for users to close their positions. The lion's share of credit products will no longer be profitable, - wrote Mango Markets employees.
In 2022, Mango Markets fell victim to a scammer named Abraham Eisenberg, who artificially inflated the price of the Mango platform's native tokens (MNGO) by about 1000% and took possession cryptocurrency worth $117 million. The site's employees tried to negotiate with Eisenberg about the return of digital assets, but failed, and the attacker was found guilty of fraud and market manipulation.
Abraham Eisenberg
However, Mango Markets' problems did not end there. Last year, the Mango DAO , managing the work DeFi , accused in the illegal sale of digital assets. The institution's management decided to settle the conflict with American officials and paid a fine of $700,000, and also destroyed the assets belonging to it. DAO MNGO coins.
It is clear that these troubles have hit the business of the enterprise, whose services were used by at least 23 million people. It is not surprising that Mango employees DAO proposed holding a vote on the issue of closing the platform.
