The whale acquired 347 Wrapped Bitcoin (WBTC) within just 12 hours on August 19. BitGo plans to transfer control of WBTC to a joint venture involving itself, BiT Global, and the Tron ecosystem. Coinbase has hinted at launching its own wrapped Bitcoin token, dubbed “cbBTC.”

An unidentified whale has been rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short span of time. According to blockchain analytics firm Lookonchain, the unknown wallet has gathered a total of 1,953 WBTC, purchased at an average price of $58,853 per token. The most recent transaction was particularly notable, with the whale acquiring 347 WBTC — valued at approximately $16 million — within just 12 hours on August 19.

  This sudden and significant accumulation has raised eyebrows, especially as it coincides with ongoing debates and controversies surrounding the ownership and management of WBTC. BitGo’s plans to transfer control of Wrapped Bitcoin (WBTC) The controversy began earlier this month when BitGo, the firm responsible for issuing Wrapped Bitcoin (WBTC), announced plans to transfer control of the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and Sun’s Tron ecosystem. This decision has led to heightened scrutiny and concern among major DeFi players. In response, MakerDAO, a leading decentralized finance protocol, moved quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal that prohibits borrowing against WBTC collateral on its Sparklend platform. Similarly, Aave, another major DeFi protocol, is reportedly considering the adoption of an alternative wrapped Bitcoin token, TBTC, offered by Threshold Network. Amid these developments, speculation is rife about the potential entry of Coinbase into the wrapped Bitcoin market. The US-based crypto exchange has hinted at launching its own wrapped Bitcoin token, dubbed “cbBTC,” which could further shake up the market. The mystery whale’s aggressive accumulation of WBTC, in light of these industry shifts, adds a new layer of intrigue to the ongoing narrative in the crypto space.

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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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