CandleFocus Mango Market DAO fails to pass vote approving $700K SEC settlement
2024-10-09
Author: Content Editor
The Mango Market DAO failed to pass a proposal to pay off the SEC's $700,000 settlement after a major voter withdrew their vote hours before the deadline. The proposal required 2% of participants to vote 'yes' and use funds from the escrow account. Despite the failure, another identical proposal has passed the quorum threshold and may result in the payment to the SEC. The SEC had charged Mango DAO, Blockworks Foundation, and Mango Labs with securities violations, resulting in a settlement where all MNGO tokens would be destroyed.
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