Mango Markets DAO proposes a $223,228 SEC settlement. The proposal aims to resolve SEC charges after a $110M exploit in October 2022. Mango DAO will destroy MNGO tokens, cease US sales, and delist from exchanges in the settlement offer proposal.

Mango Markets DAO, the governing body behind the Solana-based decentralized exchange (DEX), has made a proposal to its community for a settlement offer with the United States Securities and Exchange Commission (SEC) for accusations of violating US securities laws. Voting on the “SEC Settlement Offer Proposal” was opened by Mango DAO on August 19, and it has already reached a quorum, with over 106 million votes cast in favour. The settlement offer includes a $223,228 penalty, which would be paid from the DAO’s treasury, currently holding nearly $2 million in USD Coin (USDC) and other assets. In addition, Mango Markets DAO would destroy all MNGO tokens in its possession, cease all token-related activities in the United States, and seek to delist the tokens from all exchanges. The proposal allows the DAO to resolve the SEC’s allegations without admitting or denying any wrongdoing. Mango Markets challenges This potential settlement follows a series of challenges that Mango Markets has faced since October 2022, when trader Avraham Eisenberg exploited the platform, leading to over $100 million loss. The incident resulted in criminal charges against Eisenberg, who was found guilty of fraud and manipulation in April 2023. Consequently, Mango Markets became the subject of investigations by the SEC, the Department of Justice, and the Commodity Futures Trading Commission. Despite witnessing a 5.3% uptick over the past 24 hours after the settlement proposal was revealed, the MNGO token has lost over 91% of its value amid the ongoing legal pressures. The token reached an all-time high of $0.50 in September 2021, after which the token descended into a continuous bear trend. The DAO’s settlement offer reflects its strategy to avoid further litigation and move forward from the controversy, though it remains to be seen if the SEC will accept the terms.

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Singapore, Singapore, August 20th, 2024, Chainwire PEXX, an innovative fintech startup specialising in stablecoin cross-border payments, is excited to announce the acquisition of Singapore-based blockchain media platform, Chain Debrief for an undisclosed amount, following its successful raise of $4.5 million led by TNB Aura and ANTLER. This strategic move aligns with PEXX’s commitment to expanding its footprint and fostering deeper engagement within the global blockchain community. “The acquisition of Chain Debrief represents a significant milestone in PEXX’s journey to revolutionise the global financial landscape. By integrating Chain Debrief’s rich content and community insights, we are not only enhancing our platform but also empowering our users with the knowledge and tools they need to navigate the complex world of blockchain and cryptocurrencies. This strategic move underscores our commitment to expanding our influence and fostering greater engagement within the Southeast Asian blockchain ecosystem, while staying true to our mission of making cross-border payments fast, affordable, and accessible to all.” — Marcus Lim, CEO of PEXX Through this acquisition, PEXX plans to enrich its platform by integrating Chain Debrief’s extensive library of content including articles, tutorials, and expert analyses directly into the PEXX user experience. This will provide users with easy access to the latest information on blockchain technology, cryptocurrencies, and regulatory developments to aid them in making informed decisions. Additionally, the acquisition of Chain Debrief serves as a vital channel for PEXX to enhance its community, particularly in Southeast Asia. By continuing Chain Debrief’s mission of crypto education, PEXX will provide users with the resources needed to navigate the rapidly evolving world of cryptocurrency. This move also supports PEXX’s broader vision of encouraging crypto investment and adoption across the region. “We’ve always been passionate about educating and empowering our community with the latest in blockchain and crypto. Now, with PEXX’s innovative approach to cross-border payments and their commitment to expanding financial access, we have the opportunity to bring our content and insights to an even broader audience. ” — Jacky Yap , Founder of Chain Debrief As PEXX continues to grow and expand its offerings, the acquisition of Chain Debrief represents a significant milestone in its journey. The company remains committed to its mission in providing fast and affordable cross-border payment transfers, while also contributing to the wider blockchain ecosystem through education and thought leadership. About PEXX PEXX is a pioneering stablecoin cross-border payment platform that simplifies global money transfers. By offering secure, fast, and cost-effective solutions, PEXX enables users and businesses to off-ramp stablecoins like USDT and USDC to fiat in 16 currencies directly into bank accounts. PEXX’s innovative platform bridges the gap between traditional finance and the world of cryptocurrencies, making global money transfers seamless and efficient. Users can stay connected with PEXX: https://linktr.ee/pexxme   Contact PEXX Marketing PEXX Technology Pty Ltd [email protected]

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