Mango Markets Shuts Down After SEC Settlement and Legal Troubles
Mango Markets, a Solana-based decentralized exchange, is shutting down operations after encountering legal issues and reaching a settlement with the SEC. The platform advises users to close their positions before January 13, which marks the end of lending services following the governance vote. The SEC said Mango raised $70 million through unregistered MNGO token sales in 2021, violating securities laws, and subsequently shut down the company. Mango’s DAO agreed to pay a $700,000 fine, destroy the tokens and remove them from the exchange. Mango Markets, which launched in 2021, found itself in trouble after losing more than $100 million in a 2022 exploit that significantly reduced the total value locked in it. Legal challenges and financial losses ultimately led to the platform’s demise.
