Monat: August 2024

• Mango Markets DAO proposes a $223,228 SEC settlement.
• The proposal aims to resolve SEC charges after a $110M exploit in October 2022.
• Mango DAO will destroy MNGO tokens, cease US sales, and delist from exchanges in the settlement offer proposal.

Mango Markets DAO, the governing body behind the Solana-based decentralized exchange (DEX), has made a proposal to its community for a settlement offer with the United States Securities and Exchange Commission (SEC) for accusations of violating US securities laws.

Voting on the “SEC Settlement Offer Proposal” was opened by Mango DAO on August 19, and it has already reached a quorum, with over 106 million votes cast in favour.

The settlement offer includes a $223,228 penalty, which would be paid from the DAO’s treasury, currently holding nearly $2 million in USD Coin (USDC) and other assets.

In addition, Mango Markets DAO would destroy all MNGO tokens in its possession, cease all token-related activities in the United States, and seek to delist the tokens from all exchanges. The proposal allows the DAO to resolve the SEC’s allegations without admitting or denying any wrongdoing.

Mango Markets challenges

This potential settlement follows a series of challenges that Mango Markets has faced since October 2022, when trader Avraham Eisenberg exploited the platform, leading to over $100 million loss.

The incident resulted in criminal charges against Eisenberg, who was found guilty of fraud and manipulation in April 2023. Consequently, Mango Markets became the subject of investigations by the SEC, the Department of Justice, and the Commodity Futures Trading Commission.

Despite witnessing a 5.3% uptick over the past 24 hours after the settlement proposal was revealed, the MNGO token has lost over 91% of its value amid the ongoing legal pressures. The token reached an all-time high of $0.50 in September 2021, after which the token descended into a continuous bear trend.

The DAO’s settlement offer reflects its strategy to avoid further litigation and move forward from the controversy, though it remains to be seen if the SEC will accept the terms.

The post Mango Markets DAO proposes to offer the US SEC a settlement deal appeared first on CoinJournal.

• Bitwise acquires ETC Group, expanding into Europe with $4.5B in crypto AUM.
• ETC Group’s products will rebrand under Bitwise but there will be no changes to strategies.
• Bitwise anticipates a shift in crypto with the introduction of spot Bitcoin ETFs.

In a strategic move to broaden its global footprint, Bitwise, the largest crypto index fund manager in the United States, has acquired London-based ETC Group, a prominent issuer of crypto exchange-traded products (ETPs).

This acquisition, announced on August 19, 2024, marks Bitwise’s significant expansion into the European market, adding more than $1 billion in assets under management (AUM) to its portfolio and bringing the firm’s total AUM to over $4.5 billion.

ETC Group acquisition gives Bitwise a foothold in Europe

Founded in 2019, ETC Group has established itself as a key player in the European crypto market, offering a range of ETPs, including those based on Bitcoin, Ethereum, Solana, and Ripple. These products will be rebranded under the Bitwise name in the coming months, although the firm has assured that there will be no material changes to the construction or objectives of the existing ETC investment strategies.

Bitwise views this expansion as a pivotal moment in its growth strategy, particularly as it anticipates a dramatic shift in the crypto landscape with the introduction of spot Bitcoin ETFs. According to the CEO of Bitwise, Hunter Horsley, the acquisition allows the company “to serve European investors, offer clients global insight, and expand the product suite with innovative ETPs.”

Bitwise’s move into Europe comes on the heels of several successful product launches in the US, including the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF, which have collectively attracted over $2 billion in assets since their inception earlier this year.

The acquisition also aligns with Bitwise’s prediction of a surge in institutional investment in crypto ETFs, as major financial institutions increasingly offer these products to their clients.

As Bitwise integrates ETC Group into its operations, the firm is poised to capitalize on the growing demand for digital assets across both sides of the Atlantic, further solidifying its position as a leading force in the crypto investment space.

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