Decisive move! Mango DAO, the decentralized autonomous organization behind the Mango Markets trading platform, votes to cease operations. The vote, includes three proposals introduced on January 11, aims to force users to close their trading positions and prevent the opening of new ones. Two of the three proposals have already passed, signaling the impending closure of the DAO.
This decision concludes a turbulent chapter for Mango DAO! The DAO faced legal and regulatory challenges in recent months. In August, members of the DAO approved a proposal to settle a lawsuit filed by the Securities and Exchange Commission (SEC). The settlement required Mango DAO to destroy its MNGO governance token and pay a substantial fine to the regulator.
Compounding the controversy, Mango Labs filed a lawsuit in October against two senior contributors, alleging that they orchestrated a fraudulent scheme to enrich themselves at the expense of the organization.
These events highlight the ongoing challenges facing decentralized organizations as they navigate regulatory scrutiny and internal disputes. The closure of Mango DAO marks a significant moment in the evolving story of decentralized finance and governance.
https://www.sec.gov/newsroom/press-releases/2024-154
