#Mango Markets Announces Closure#
Hot Topic Overview
Overview
Decentralized exchange Mango Markets on Solana has announced that it will cease operations on Monday. The decision stems from the $110 million exploit that occurred in October 2022, as well as a settlement agreement with the Securities and Exchange Commission (SEC). The SEC settlement required Mango's governance DAO to destroy its MNGO tokens and delist them from all exchanges. Additionally, a DAO proposal to make most of the lending on Mango "economically infeasible" will go into effect at 8pm UTC on Monday, January 13. Mango v4 and Boost are being progressively shut down, and Mango Markets will cease operations.
Ace Hot Topic Analysis
Analysis
Mango Markets has announced its closure, citing two primary reasons:* ** The $110 million exploit in October 2022 *, which resulted in significant losses for the exchange. ** The SEC's settlement requirements **, which demand that Mango Markets' governance DAO and organization destroy its MNGO token and delist it from all exchanges.To comply with the SEC's demands, Mango Markets' DAO has proposed a "financially infeasible" plan to liquidate the majority of the exchange's borrowings. This proposal will take effect on Monday, January 13th, at 8 PM UTC.This means that Mango Markets will gradually shut down, with Mango v4 and Boost ceasing operations as well. The closure highlights the security risks and regulatory challenges facing decentralized exchanges, underscoring the need for measures to safeguard user assets and maintain market stability.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mango Markets faced economic hardship after the $110 million attack in October 2022 and ultimately decided to shut down.
The SEC's settlement required Mango Markets to burn its MNGO token and delist it from all exchanges, making it unsustainable for Mango Markets to operate.
Mango Markets' DAO voted to close the exchange as most lending was no longer economically viable.
The closure of Mango Markets marks a significant setback for the Solana ecosystem and reflects the challenges faced in the decentralized finance space.