Mango Markets, a decentralized exchange (DEX) based on Solana (SOL), has put forward a settlement offer of $500,000 to the U.S. Commodity Futures Trading Commission (CFTC).
The decentralized autonomous organization (DAO) of the DEX voted this week to approve the settlement proposal, which includes a civil penalty and an agreement to stop violating commodity regulations.
If accepted by the CFTC, the $500,000 civil penalty will be paid by Mango DAO, along with two affiliated entities, Blockworks Foundation and Mango Labs, LLC.
Following investigations by the CFTC and the Securities and Exchange Commission (SEC) into Mango Markets, stemming from a $110 million exploit by trader Avraham Eisenberg in 2022, Mango DAO members approved a settlement proposal to the SEC in August.
The SEC’s proposal includes a $233,228 civil penalty payment and a commitment to cease certain activities related to MNGO tokens on the protocol within the U.S.
Additionally, the protocol would need to dispose of or render unavailable all MNGO tokens in its possession within 10 days of the SEC’s acceptance of the terms.
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