Catenaa, Monday, January 13, 2025 – Decentralized exchange on the Solana blockchain Mango Markets, announced its imminent shutdown following a settlement with the SEC and internal governance issues.
The platform, which suffered a $110 million exploit in 2022, will cease operations as governance proposals aimed at halting borrowing and lending take effect on Monday, January 13, at 8 p.m. UTC.
The settlement requires Mango’s DAO and development organization to destroy and delist its MNGO tokens.
Internal discussions among contributors and a unanimous governance vote solidified the decision to wind down operations.
Mango’s co-founder, Maximilian Schneider, cited widespread agreement among team members for the shutdown.
The decision comes after a turbulent period marked by legal battles, including fraud charges against Avraham “Avi” Eisenberg for the 2022 exploit and a 2024 SEC lawsuit accusing Mango DAO and its affiliates of unregistered crypto asset sales.
In addition to regulatory pressure, Mango’s leadership faced internal disputes over locked MNGO tokens tied to the FTX estate. These compounded challenges led the team to prioritize a “graceful shutdown.”
The exchange confirmed that upcoming governance changes will render most borrowing “economically unviable,” effectively ending its functionality.
Mango Markets has not provided further comment.
