Mango Markets, a Solana-based decentralized exchange, is shutting down operations following legal troubles and an SEC settlement. The platform advised users to close their positions by January 13, marking the end of its borrowing and lending services after governance votes. The closure follows the SEC’s claims that Mango raised $70 million in 2021 through unregistered MNGO token sales, violating securities laws. Mango’s DAO agreed to pay $700,000 in penalties, destroy the tokens, and delist them from exchanges. Launched in 2021, Mango Markets struggled after a 2022 exploit drained over $100 million, significantly reducing its total value locked. Legal challenges and financial losses ultimately led to the platform’s demise.
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