PANews reported on January 12 that according to Cointelegraph, Solana on-chain DEX Mango Markets is gradually ending its operations after reaching a settlement with the U.S. Securities and Exchange Commission (SEC), conducting governance voting, and dealing with legal issues caused by vulnerabilities in 2022. Yesterday, Mango Markets announced through its X account that "it's time to close the platform and let users close their positions." This move follows the requirement in the governance proposal to "adjust interest rates and collateral" to end lending exposure on the platform, which will take effect on January 13.

On September 27, 2024, the SEC filed settlement charges against Mango DAO and Blockworks Foundation, alleging the sale of unregistered securities. According to the SEC, Mango raised more than $70 million in August 2021 by selling MNGO governance tokens, violating the Securities Act of 1933. The SEC also accused Mango Labs of acting as an unregistered broker in violation of the Securities Exchange Act of 1934. As part of the settlement, Mango DAO agreed to pay a $700,000 civil penalty, destroy MNGO tokens, and petition the trading platform to delist the tokens. According to DefiLlama data, Mango Markets' TVL is $9 million, down 95.7% from its all-time high of $210 million in November 2021.