SEC Settles Case With Mango Markets, Raises Questions About Solana's SOL Token

According to Blockworks, the SEC has settled its case with Mango Markets, a Solana-based DeFi platform accused of trafficking in unregistered securities. As part of the settlement, Mango DAO and the related Blockworks Foundation will pay nearly $700,000 in penalties, destroy their MNGO tokens, and remove Mango Markets' native token from other trading platforms. This decision follows a DAO vote a month ago to allow for an SEC settlement and a recent vote to settle with the CFTC, indicating that Mango DAO may face additional settlement costs soon. The SEC's scrutiny of Mango Markets intensified after Avi Eisenberg allegedly exploited the platform in 2022, making off with $110 million through a