Mango DAO Agrees to $223,228 SEC Settlement

The governing body of the DeFi platform Mango Markets, Mango DAO, held a vote on a pre-trial settlement of claims by the SEC, which accused the project of violating U.S. securities laws.

A quorum of over 106 million votes unanimously supported the payment of a civil penalty of $223,228, the burning of MNGO token reserves, and delisting from trading platforms. This allows the DAO to avoid litigation without admitting or denying any wrongdoing.

The regulator has yet to review the platform’s proposal.

In October 2022, a group led by Avraham Eisenberg attacked Mango Markets, manipulating the price oracle to extract approximately $116 million in digital assets.

In December of the same year, the U.S. Attorney’s Office arrested Eisenberg on charges of commodities and price manipulation. He faces up to 20 years in prison. In January 2023, separate charges were brought against the trader by the CFTC and SEC.

According to the latest information, the hacker has demanded that charges be dropped and a retrial be scheduled.