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Mango DAO and Blockworks Foundation to Pay SEC $700K Fine, Destroy MNGO Tokens in Settlement
The post Mango DAO and Blockworks Foundation to Pay SEC $700K Fine, Destroy MNGO Tokens in Settlement appeared on BitcoinEthereumNews.com. The high-profile exploit of Mango Markets in 2022, resulting in a $100 million drain, is still making headlines today. Recently, the SEC has filed settled charges against the Mango DAO and the Blockworks Foundation, accusing them of selling unregistered securities. The entities have agreed to a settlement involving a $700,000 civil penalty, destroying their MNGO tokens, and petitioning exchanges to delist these tokens. SEC Charges Mango DAO: What It Means for the Crypto Industry SEC Settlement with Mango DAO and Blockworks Foundation The recent settlement reached by the United States Securities and Exchange Commission (SEC) with Mango DAO and the Blockworks Foundation marks a significant development in the crypto regulatory landscape. According to the SEC, both entities violated the Securities Act of 1933 by selling unregistered MNGO governance tokens, raising over $70 million. While the defendants neither admitted nor denied the wrongdoing, they have agreed to pay $700,000 in civil penalties, destroy their tokens, and urge exchanges to delist them. This settlement is still subject to court approval. Implications of the SEC’s Actions This SEC action underscores the regulatory body’s expanding oversight on decentralized platforms. Jorge Tenreiro, the acting chief of the Crypto Assets and Cyber Unit, emphasized that the label ‘DAO’ does not exempt projects from regulatory scrutiny. He argued that the use of automated processes and open-source software doesn’t alter the requirement for compliance with securities laws. This stance reinforces the notion that all entities within the crypto ecosystem must adhere to established regulations, regardless of their decentralized nature. Past Exploits and Current Regulatory Pressures The exploit of Mango Markets in 2022, which resulted in a $100 million loss, has significantly impacted how regulators view security within decentralized platforms. This incident heightened the awareness of vulnerabilities within the crypto industry and prompted a stronger regulatory response. The involved…
The post Mango DAO and Blockworks Foundation to Pay SEC $700K Fine, Destroy MNGO Tokens in Settlement appeared on BitcoinEthereumNews.com.
The high-profile exploit of Mango Markets in 2022, resulting in a $100 million drain, is still making headlines today. Recently, the SEC has filed settled charges against the Mango DAO and the Blockworks Foundation, accusing them of selling unregistered securities. The entities have agreed to a settlement involving a $700,000 civil penalty, destroying their MNGO tokens, and petitioning exchanges to delist these tokens. SEC Charges Mango DAO: What It Means for the Crypto Industry SEC Settlement with Mango DAO and Blockworks Foundation The recent settlement reached by the United States Securities and Exchange Commission (SEC) with Mango DAO and the Blockworks Foundation marks a significant development in the crypto regulatory landscape. According to the SEC, both entities violated the Securities Act of 1933 by selling unregistered MNGO governance tokens, raising over $70 million. While the defendants neither admitted nor denied the wrongdoing, they have agreed to pay $700,000 in civil penalties, destroy their tokens, and urge exchanges to delist them. This settlement is still subject to court approval. Implications of the SEC’s Actions This SEC action underscores the regulatory body’s expanding oversight on decentralized platforms. Jorge Tenreiro, the acting chief of the Crypto Assets and Cyber Unit, emphasized that the label ‘DAO’ does not exempt projects from regulatory scrutiny. He argued that the use of automated processes and open-source software doesn’t alter the requirement for compliance with securities laws. This stance reinforces the notion that all entities within the crypto ecosystem must adhere to established regulations, regardless of their decentralized nature. Past Exploits and Current Regulatory Pressures The exploit of Mango Markets in 2022, which resulted in a $100 million loss, has significantly impacted how regulators view security within decentralized platforms. This incident heightened the awareness of vulnerabilities within the crypto industry and prompted a stronger regulatory response. The involved…
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