Hassan Maishera
TL;DR
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Mango Markets has announced it will shut down following the SEC settlement and DAO battle.
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The platform has urged users to close their positions to avoid losing their funds.
Mango Markets to Cease Operations
Solana-based decentralized exchange Mango Markets announced over the weekend that it will wind down operations today. This latest development comes in the wake of an SEC settlement that required the Mango DAO and developers to destroy their native $MNGO tokens and delist them from exchanges.
While announcing this in an X post, Mango advised users to close their positions to avoid losing their funds. The platform added that most borrowing on Mango will be economically unviable.
Mango Markets will be shutting down
— Mango (@mangomarkets) January 11, 2025
It is time for users to close their positions
Mango v4 & Boost are winding down. Most borrowing on Mango will be economically unviable going forward
Proposals are live & become executable on January 13, Monday 8PM UTC
Details below⬇️
The team added that proposals to modify Mango Markets' interest rates and collateral requirements to discourage borrowing and lending will become effective on Monday, Jan. 13, at 8 p.m. UTC. The DAO has approved the proposals.
Mango Markets has faced troubles in recent years. In October 2022, the platform lost $110 million due to an exploit by Avraham "Avi" Eisenberg. Eisenberg executed the exploit by manipulating the price of its native $MNGO token on other exchanges. In April 2024, a New York jury convicted Eisenberg on fraud charges related to the exploit. However, he has since requested a new trial.
In September last year, Mango's governance DAO agreed to settle an SEC lawsuit that charged Mango DAO, Mango Labs, and a Panama entity dubbed Blockworks Foundation with selling unregistered crypto assets and acting as an unregistered broker.
Following the SEC settlement, the Mango DAO encountered another controversy. Some co-founders and core contributors filed lawsuits against each other, resulting from a disagreement over the fate of the locked MNGO tokens purchased from the FTX estate.
