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A decentralized finance (DeFi) platform based on the smart contract platform Solana (Sol) is drafting a settlement proposal with the U.S. Securities and Exchange Commission (SEC).
In a new society an offerDecentralized Autonomous Organization (DAO) for Mango Markets (multinational organization) voted to settle with the SEC even though the regulator has not formally charged the decentralized exchange (DEX) protocol with any crimes.
However, the SEC and other federal agencies launched an investigation into Mango Markets after cryptocurrency trader Avraham Eisenberg exploited Protocol worth $110 million in 2022.
According to Mango DAO, the SEC has accused it of violating several provisions of the Securities Acts of 1933 and 1934.
The DAO goes on to say that the settlement, if accepted by the SEC, will include paying $233,228 in civil penalties and an agreement to cease “all of its offers, sales, or resales of MNGO tokens on the protocol through means or instruments of interstate commerce in the United States.”
Furthermore, the protocol agrees to destroy or otherwise make unavailable all MNGO tokens in its possession within 10 days of the SEC approving the terms.
“In order to resolve the SEC’s allegations against the DAO, this motion is to authorize CyberByte sp. zoo, acting as representative of the DAO… to submit to the SEC a binding settlement offer on behalf of the DAO that will include the payment of a civil monetary penalty, injunctive relief, and undertakings, to execute the settlement documents on behalf of the DAO, and to perform the undertakings set forth in the settlement if accepted by the SEC.
As part of the settlement offer, Dow will neither admit nor deny the SEC’s allegations.
Eisenberg was later indicted. Found guilty In 2023, MNGO was accused of commodity fraud after he artificially inflated the price of MNGO and borrowed large amounts of digital assets from a DEX using unrealized profits from his long positions on the token.
MNGO is trading at $0.0162 at the time of writing, representing a 6% increase in the past 24 hours.
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