Mango Markets, a decentralized exchange (DEX) based on the Solana blockchain, has suspended operations following a settlement with the US Securities and Exchange Commission (SEC) and a number of obstacles.
The SEC accused Mango DAO and the Blockworks Foundation of marketing unregistered securities. The settlement required Mango Markets to pay a $700,000 fine. Additionally, the platform suffered a major exploit in 2022, losing over $100 million, further impacting its operations and reputation.
On January 11, Mango Markets declared via its X account that it was “shutting down” and that consumers should “close their positions.”
Following the SEC settlement and other legal issues, Mango Markets faced increasing difficulties. The Mango DAO, responsible for governing the platform, voted to close operations, citing the ongoing legal battles and the financial decline as the main reasons.
The closure of Mango Markets marks a significant event in the decentralized finance (DeFi) space, highlighting the challenges of navigating the evolving regulatory landscape and the importance of robust security measures.
