Decentralized Finance (DeFi), a platform built on smart contracts platform Solana.SOL) is drafting a proposal to settle with the U.S. Securities and Exchange Commission (SEC).
The new community proposalThe decentralized autonomous organisation (DAO), of Mango Markets.MNGOIt has settled with the SEC, even though it hasn’t charged DEX protocol (decentralized exchange) with any criminal offenses.
Mango Markets was investigated by the SEC as well as other federal agencies after Avraham A. Eisenberg, a crypto trader. exploited The protocol is for $110 Million in 2022.
The Securities Acts of 1934 and 1933 were allegedly violated by the Mango DAO.
According to the DAO, the SEC would accept the settlement if it included a civil penalty payment of $233.228 and an agreement not to continue. “all of its offers, sales or resales of MNGO tokens on the protocol through the means or instrumentalities of interstate commerce in the United States.”
The protocol also agreed to dispose of or make inaccessible all MNGO Tokens it possessed within 10 days after the SEC accepted the terms.
In order to address the SEC’s accusations against the DAO this proposal would authorize CyberByte Sp. z.o.o, which is serving as the Representative of the DAO… to make a binding settlement offer to the SEC on behalf of the DAO which would include the payment of a civil monetary penalty, injunctive relief, and undertakings, to execute the settlement documents on behalf of the DAO, and to execute the undertakings called for by the settlement if accepted by the SEC.
The DAO did not admit or deny the SEC’s accusations as part of its settlement offer.”
Eisenberg was arrested and charged. found guilty In 2023, he was accused of commodities theft after artificially increasing the price for MNGO. To do this, he borrowed large sums from DEX by using his unrealized profit from holding long positions in the token.
MNGO has risen 6% in 24 hours to $0.0162.
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