DAO

Mango Markets Considers Settlement Offer with SEC Over Alleged Violations

Wednesday. August 21 at 1:00 AM

1 min. read

Mango Markets is contemplating a settlement offer with the SEC regarding accusations of breaching US securities laws. The Solana-based DEX's DAO initiated a vote for an 'SEC Settlement Offer Proposal,' suggesting fines payment, MNGO token destruction, and delisting from trading platforms. The proposal garnered overwhelming support with all votes in favor. Following a $110 million manipulation incident in October 2022, leading to a criminal trial and investigations by multiple agencies, the SEC alleged securities violations by Mango DAO, Mango Labs, and Blockworks Foundation. The proposed settlement involves a monetary penalty from the DAO Treasury, ceasing token activities in the US, and seeking delisting from exchanges. Despite aiming to avoid litigation and resolve allegations without admission of guilt, the SEC has yet to approve the proposal. MNGO token prices saw a slight increase but remain significantly below previous highs.

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Latest Crypto News Highlights

Thursday. January 2 at 4:00 PM

Stay updated on the latest in the crypto world with daily news covering Bitcoin, blockchain, DeFi, NFTs, Web3, and crypto regulations. The Floki community has dedicated funds for an upcoming Exchange-Traded Product (ETP), while illegal crypto ads persist in the UK despite warnings. A proposal in Switzerland aims to require the central bank to hold Bitcoin. Memecoins, like Floki, have seen significant growth, with the ETP set to launch in 2025. Despite regulatory actions, many crypto ads in the UK remain active. The Swiss National Bank may soon hold Bitcoin, pending a public referendum. Advocates are pushing for this change, with previous attempts dating back to 2021. Stay informed with our Crypto Biz newsletter for key insights on blockchain business trends and regulatory updates.

DAO

Controversy Surrounding Polymarket and Decentralized Prediction Markets

Thursday. December 19 at 7:00 PM

Polymarket, a decentralized prediction market platform, has faced scrutiny over governance and reliability issues. The platform gained attention for predicting the likelihood of an Israeli military action in Syria by 2024. However, concerns arose regarding alleged manipulation by the 'oracle' provider UMA and the overall trustworthiness of decentralized betting systems. Despite generating significant trading volume, some predictions by Polymarket have faced criticism. Disputes over market resolution criteria persist, with UMA voters settling in favor of 'Yes' twice. Critics accuse UMA whales of exploiting delays for profit, while UMA co-founder refutes these claims, emphasizing adherence to rules. The incident highlights vulnerabilities in Oracle governance within decentralized platforms, impacting market fairness and legitimacy. The controversy underscores the challenges faced by such platforms in balancing innovation with accountability to maintain user trust and transparency.

DAO

Enhancing Web3 Community Building with Galaxis Staking Programs

Thursday. December 12 at 2:00 PM

Galaxis has introduced two new staking programs to revolutionize community participation and benefits within Web3. The platform, known for providing self-sovereign digital spaces for creators and brands, offers digital membership cards for figures like Donald Trump and brands such as the NBA. The Governance Staking for Members and Engine Superlock for Engine Holders initiatives aim to empower community members by combining governance mechanisms with token rewards. By staking GALAXIS tokens, members gain voting rights to influence platform decisions. The voting power calculation ensures fair representation, preventing dominance by larger token holders. Active voters receive monthly token rewards, with additional incentives for long-term engagement. The Engine Superlock program rewards engine holders for their commitment to the ecosystem. Galaxis CEO envisions the platform as a hub for building thriving decentralized communities, offering innovative solutions for community engagement and monetization.

DAO

Revolutionizing Investment with AI16z DAO

Tuesday. December 10 at 10:00 AM

AI16z DAO is changing the game in crypto community investments by leveraging AI for data-driven financial decisions. The decentralized autonomous organization, with its own token, aims to challenge Silicon Valley's traditional venture firms. Launched in October 2024, the project operates independently from a16z but has already amassed a market cap exceeding $500 million. Unlike traditional venture funds, AI16z allows anyone to invest through its token, managed by an AI agent named 'Marc AIndreessen.' This AI-driven approach eliminates human biases, streamlines decision-making, and focuses solely on data analysis. While still in the testing phase, AI Marc has not made any investments yet. The project's transparency, open-source framework, and potential for growth have garnered significant attention, with the AI16z token's value surging over 1660% since November 2024.

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