The smart contract platform Solana is the basis of a decentralized financial platform (DeFi).SOL) is drafting a proposal to settle with the U.S. Securities and Exchange Commission (SEC).
The new community proposalMango Markets is a decentralized autonomous organization (DAO).MNGOIt has settled with the SEC, even though it has not officially charged DEX protocol (decentralized exchange) with any criminal offenses.
The SEC, along with other federal agencies, launched an investigation on Mango Markets following the crypto trader Avraham Eisberg exploited This protocol will cost $110,000,000 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.
“As part of the settlement, DAO will not confirm or deny SEC allegations.
Eisenberg has been charged with a crime and then convicted. found guilty He was convicted of commodities fraud for 2023, after artificially inflating the price of MNGO. He also borrowed large sums of digital assets on DEX with unrealized gains from long-term positions.
MNGO has a current price of $0.0162, which is a 6.4% increase from the previous 24 hours.
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