Allocating resources for a solution
Mango Market’s DAO is responding to regulatory inquiries by approving a budget of $250,000 in USD Coin (USDC). This allocation, set for approval on Jan. 6, aims to hire a representative who will assist in addressing concerns raised by U.S. regulators.
If approved, Poland-based company Cyberbyte, owned by Mango Markets contributor Adrian Brzeziński, will represent MangoDAO for a one-year term. Responsibilities include engaging legal counsel and working towards resolutions to regulatory matters.
The hack and its aftermath
Over a year ago, Mango Markets experienced a notable hack that led to a loss of $116 million in crypto assets. The hack involved manipulation of the protocol’s treasury through an oracle, with Avraham Eisenberg leading the attack.
Eisenberg’s alleged actions included draining assets from Mango Markets after artificially inflating the token’s price. Regulatory bodies, including the FBI and CFTC, cooperated in pursuing civil penalties and injunctive relief.
With a mixture of CeFi and DeFi features on its platform, Mango Markets envisions a future where financial services would be cheaper and accessible to cryptocurrency users through margin trading, lending, and perpetual futures.
SEC nears decision on Bitcoin ETFs
Meanwhile, spot Bitcoin ETFs’ fate could be revealed by the SEC soon. Recent reports indicate that, after the SEC’s discussions with major exchanges such as the New York Stock Exchange (NYSE) and Nasdaq, it may reveal its results by Jan. 10.
Analysts and ETF issuers express optimism, anticipating a favorable decision after witnessing the SEC’s engagement with key industry players.
As of writing this, BTC is trading at $44,000 with an increase in value of 3.7% over the last seven days