MANGO MARKETS TO SHUT DOWN AFTER SEC SETTLEMENT

- Mango Markets, a Solana-based decentralized exchange (DEX), will shut down today, January 13, 2025, following a settlement with the U.S. Securities and Exchange Commission (SEC).

Key Details:

- On January 11, Mango Markets revealed the shutdown timeline and urged users to close their positions before 8 PM UTC on January 13.

- Ahead of closure, Mango V4 will implement significant adjustments, including reducing the target lending ratio from 50% to 0.1% and hiking interest rates for major cryptos like SOL, USDC, ETH, and more.

- Borrowing and lending will cease, with new positions requiring ten times the previous collateral.
The closure follows Mango's settlement with the SEC over unregistered securities violations.

- Mango raised $70M in 2021 by selling MNGO tokens, which the SEC deemed illegal.

- The platform's demise also stems from the October 2022 exploit, where attacker Avraham Eisenberg drained $117 million through market manipulation.

- As part of the SEC settlement, Mango's DAO will pay a $700,000 fine and destroy MNGO tokens.

Images: Mango Makets X platform and NBC News