Mango Markets to Shut Down After SEC Settlement

Mango Markets, a DeFi lending platform on the Solana blockchain, is set to cease operations in the wake of a settlement with the U.S. Securities and Exchange Commission (SEC) and a $117 million exploit in 2022. On Jan. 11, Mango Markets revealed through its X account that it is ‘shutting down’ and advises users to close any outstanding positions. The shutdown is planned for Jan. 13 at 8 P.M. UTC. According to DefiLlama, Mango Markets’ total value locked (TVL) stands at around $6 million, representing a 97% drop from its all-time high of $210 million in Nov. 2021. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io