Blockworks reports that the SEC has finalized its settlement with Mango Markets, a decentralized finance platform built on Solana, which was accused of dealing in unregistered securities. As part of the agreement, Mango DAO and the associated Blockworks Foundation will incur penalties nearing $700,000, annihilate their MNGO tokens, and withdraw Mango Markets’ native token from other exchanges. This outcome follows a DAO vote a month prior that approved an SEC settlement, along with a recent decision to settle with the CFTC, suggesting Mango DAO may be facing further financial obligations soon.

The SEC’s examination of Mango Markets intensified after Avi Eisenberg was alleged to have exploited the platform in 2022, resulting in a loss of $110 million.