Solana's Crypto Drama: $100 Million Heist Sparks Battle for Mango Markets' Future
Jan 6, 2024
Alleged crypto fraudster Avi Eisenberg is set to face trial for allegedly stealing over $100 million from Mango Markets, a decentralised crypto exchange on the Solana blockchain. Regulatory bodies, including the SEC, CFTC, and DOJ, have sued Eisenberg, while Mango Markets' governing body, MangoDAO, is considering appointing a representative to handle U.S. regulatory matters. Mango Labs, the DEX's previous legal guardian, is stepping back due to a conflict of interest. A proposal by crypto developer Adrian Brzeziński suggests CyberByte, his company, could act as the DEX's regulatory representative, with the power to hire lawyers and resolve regulatory issues, pending approval by the token holder community. The proposal requests $250,000 for legal expenses and appears to be gaining support among token holders.