Mango Markets DAO suggests that the US stock exchange supervision SEC offer a comparison

• Mango Markets DAO proposes a comparison with the SEC of 223,228 USD.
• The proposal aims to add the allegations of the SEC to an exploit worth $ 110 million in October 2022.
• As part of the comparison offer, Mango Dao Dao will destroy Mngo-token, hire the sale in the USA and take the company from the stock exchanges.

Mango Markets DAO, the management committee behind the decentralized stock exchange (DEX) based on Solana, has made a comparison proposal with the US stock exchange supervisory authority (SEC) due to the allegation of the violation of American securities laws.

Voting on the " SEC "" was opened on August 19 by Mango Dao and has already reached a quorum with over 106 million votes.

The comparison offer includes a penalty of $ 223,228, which is to be paid from the DAO cash register, which currently holds USD Coin (USDC) and other assets worth almost $ 2 million.

In addition, Mango Markets Dao would destroy all MNGO tokens in his possession, stop all token-related activities in the United States and try to delete the tokens from all stock exchanges. The proposal enables the DAO to clear the allegations of the Sec without admitting or denying misconduct.

challenges for mango markets

This possible agreement follows a number of challenges that Mango Markets had been faced with since October 2022 when the dealer Avraham Eisenberg exploited the platform, which for Loss .

The incident led to a criminal complaint against Eisenberg, which was found guilty in April 2023 of fraud and manipulation. As a result, Mango Markets became the subject of investigations by the SEC, the Ministry of Justice and the Commodity Futures Trading Commission.

Despite an increase of 5.3 % in the last 24 hours after the announcement of the comparison proposal, mngo-token has lost due to the continuing legal pressure over 91 % of its value. The token reached an all -time high of $ 0.50 in September 2021, after which the token got into a continuing bear trend.