Mango Markets Poised to Settle with SEC Over Unregistered Securities Sale Allegation
CryptoNewsTerminal Staff19 Aug, 2024
Mango Markets Poised to Settle with SEC Over Unregistered Securities Sale Allegation
Mango Markets (MNGO), a decentralized exchange, is reportedly planning to propose a settlement with the U.S. Securities and Exchange Commission (SEC) over allegations of selling unregistered securities. The proposal, subject to a governance vote by the Mango DAO, includes surrendering ownership of the MNGO token, paying a $220,000 fine, and delisting exchange tokens. Should the proposal pass and the SEC accept the settlement, it could have significant implications for Mango Markets. In addition to the SEC investigation, Mango Markets is also facing scrutiny from the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). This development follows the guilty verdict against Avraham Eisenberg, who exploited a flaw in Mango Markets and drained $114 million in cryptocurrency. Eisenberg is contesting the fraud charges.
