Decentralized exchange Mango Markets responds to regulatory scrutiny
Mango Markets, a decentralized exchange, is taking action in response to scrutiny from U.S. regulatory bodies. The project’s DAO has approved a budget of $250,000 in USD Coin (USDC) to hire a representative who will address concerns raised by regulators. The allocation is set for approval on Jan. 6.
If approved, Poland-based company Cyberbyte, owned by Mango Markets contributor Adrian Brzeziński, will serve as the representative for MangoDAO for a one-year term. Their responsibilities will include engaging legal counsel and working towards resolutions for regulatory matters.
The hack and its aftermath
Mango Markets experienced a significant hack over a year ago, resulting in the loss of $116 million in crypto assets. Avraham Eisenberg manipulated the protocol’s treasury through an oracle, leading to his arrest in December 2022 on charges of market manipulation and fraud.
Following the incident, regulatory bodies such as the CFTC and SEC pursued civil penalties and injunctive relief against Eisenberg. Mango Markets’ parent company also initiated a lawsuit against him to recover the remaining funds.
SEC nears decision on Bitcoin ETFs
The SEC is expected to reveal its decision on spot Bitcoin ETFs soon after discussions with major exchanges like NYSE and Nasdaq. Analysts and ETF issuers are optimistic about a favorable outcome based on the SEC’s engagement with industry players.
Market participants are eagerly awaiting approval of ETFs, which could be a breakthrough for Bitcoin’s integration into traditional finance.
Hot Take: Mango Markets tackles regulatory challenges with USDC allocation
Mango Markets is taking proactive measures to address regulatory inquiries by allocating $250,000 worth of USD Coin (USDC). By hiring a representative to engage legal counsel and work towards regulatory resolutions, MangoDAO aims to navigate its ongoing battles with U.S. regulators. This move follows a significant hack and subsequent legal proceedings that led to the arrest of Avraham Eisenberg, who manipulated the protocol’s treasury. Meanwhile, the SEC is nearing a decision on spot Bitcoin ETFs, which could have a significant impact on Bitcoin’s integration into traditional finance. Market participants are eagerly anticipating the outcome.
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