Mango Markets Suspends Operations
Solana-based decentralized exchange Mango Markets is set to wind down its operations on Monday, January 13th, following a settlement with the SEC. The settlement mandates the destruction of Mango’s MNGO tokens and their delisting from all exchanges.
Mango Markets announced the shutdown via its X account on Saturday, stating that “Mango v4 & Boost are winding down” and that “Most borrowing on Mango will be economically unviable going forward.”
To effectively discourage borrowing and lending, proposals to adjust Mango Markets’ interest rates and collateral requirements are scheduled to become executable on Monday at 8 p.m. UTC. Both proposals have garnered unanimous support and have surpassed the necessary threshold for passage.
Mango Markets’ history has been marked by turbulence. In October 2022, the platform suffered a significant exploit orchestrated by Avraham “Avi” Eisenberg, who manipulated the price of the MNGO token on other exchanges to drain $110 million from Mango.
