The Solana-based decentralized exchange (DEX) Mango Markets has agreed to pay a $500,000 settlement to the U.S. Commodity Futures Trading Commission (CFTC).
What Happened?
The CFTC launched an investigation into Mango Markets after a trader named Avraham Eisenberg exploited the platform for $110 million worth of crypto in 2022. Mango Markets’ decentralized autonomous organization (DAO) voted to accept the settlement, which includes a civil penalty and an agreement to stop violating commodity regulations.
Who’s Paying?
The $500,000 penalty will be paid by Mango DAO, Blockworks Foundation, and Mango Labs, LLC.
SEC Settlement
This settlement comes after Mango Markets also agreed to pay a $233,228 settlement to the Securities and Exchange Commission (SEC). The SEC accused Mango Markets of violating securities laws by selling its MNGO tokens. As part of the SEC settlement, Mango Markets agreed to destroy all of its MNGO tokens.
Important Note
This information is for general knowledge and should not be considered investment advice. Always do your own research before investing in cryptocurrencies.
