#Mango Markets is shutting down.#
Hot Topic Overview
Overview
Mango Markets, a decentralized exchange on Solana, announced that it will cease operations on Monday. The decision comes after the $110 million exploit that occurred in October 2022, and a settlement agreement with the U.S. Securities and Exchange Commission (SEC). The SEC settlement requires Mango's governance DAO to destroy its MNGO token and delist it from all exchanges. Additionally, a DAO proposal to make most of the exchange's borrowing "economically infeasible" will take effect at 8 p.m. UTC on Monday, January 13. Mango Markets will be shut down gradually, and both Mango v4 and Boost will cease operations.
Ace Hot Topic Analysis
Analysis
Mango Markets, a decentralized exchange on Solana, announced it will cease operations on Monday. The decision comes due to two primary reasons: first, a settlement demand from the U.S. Securities and Exchange Commission (SEC) that requires Mango Markets' governance DAO and organization to destroy its MNGO token and delist it from all exchanges; second, a DAO proposal that makes the majority of the exchange's lending "economically infeasible," set to take effect at 8 p.m. UTC on Monday, January 13th. Mango Markets suffered a notorious $110 million exploit in October 2022, which led to the SEC investigation and settlement agreement. The agreement required Mango Markets to destroy its token and cease operations, prompting the Mango Markets DAO to vote to shut down the exchange, phasing out Mango v4 and Boost.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mango Markets shut down operations due to an SEC settlement agreement that required the destruction of the MNGO token and its removal from all exchanges.
Mango Markets' DAO voted to shut down the exchange as a result of most lending becoming economically unfeasible.
Mango Markets suffered a $110 million exploit in October 2022, which may have been one of the primary reasons behind its closure.
Mango Markets, a decentralized exchange on Solana, shutting down highlights the regulatory and security challenges facing the DeFi industry.