Mango Markets, a decentralized exchange on the Solana blockchain, announced its shutdown on January 11, 2025, urging users to close their positions. This decision follows governance proposals aimed at adjusting interest rates and collateral requirements, which will halt borrowing and lending on the platform. These measures were unanimously approved and are set to take effect on January 13. The closure is a result of a settlement with the U.S. Securities and Exchange Commission (SEC) regarding the sale of unregistered securities, with Mango agreeing to pay a $700,000 civil penalty and to destroy MNGO tokens. The SEC alleges that Mango raised over $70 million by selling governance tokens in violation of U.S. securities laws. The platform has faced significant challenges, including a 2022 exploit that saw $100 million drained by a trader, leading to ongoing legal consequences. As of this announcement, Mango Markets had a total value locked of $9 million, down from its 2021 high of $210 million.

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