The Mango Market DAO didn’t go a proposal to repay the Securities and Trade Fee’s (SEC) $700,000 settlement after a serious voter withdrew their vote hours earlier than the deadline.
The proposal required 2% of contributors to vote ‘yes’ in order that $669,684 USD from the Mango DAO escrow account may very well be used to settle with the regulator.
In line with X person @Henry_E__, the vote handed the two% minimal threshold with 100 million votes. Nonetheless, somebody withdrew 80 million votes hours earlier than the deadline and the vote didn’t go. Solely three voters have been registered by the point the deadline had handed.
Learn extra: MNGO from FTX property vote for Mango Markets buyback proposal
At this level, the vote couldn’t be saved as a result of, as Henry identified, no new ‘yes’ votes will be submitted 24 hours earlier than the deadline. On this interval, votes can solely be withdrawn or submitted in opposition to the proposal. One other 52.2 million ‘yes’ votes have been required for a profitable verdict.
Mango DAO nonetheless has an opportunity to pay the SEC
Regardless of the failure of this proposal, there’s one other vote, equivalent to this one, that has handed the quorum threshold with two days left till the deadline. This proposal presently has 210 million ‘yes’ votes from 5 voters and should end result within the Mango DAO voting to pay the SEC.
The SEC charged Mango DAO, Blockworks Basis, and Mango Labs with numerous securities violations regarding unregistered choices of MNGO and unregistered brokering.
Final month, the SEC settled these prices. As a part of the settlement, all three events weren’t required to confess to or deny, the allegations put ahead by the SEC. It was additionally agreed that all MNGO tokens could be destroyed.
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