DeFi

Mango Markets insiders hit back at accusations they plundered DAO’s $37 million treasury – DL News

Published

9 months ago

10 May, 2024

Mango Markets insiders hit back at accusations they plundered DAO's $37 million treasury – DL News

Two Mango DAO executives said jealous rivals were behind accusations that they were selling MNGO tokens to the DAO at an inflated price.
Onchain records suggest the pair purchased 333 million tokens belonging to the FTX domain through their trading company, CKS Systems.
Based on the market value of MNGO at the time of purchase, the tactic will allow sellers to pocket over $3 million.

Mango DAO last month celebrated the conviction by a US jury of Avraham Eisenberg, the crypto trader who stole $115 million from the protocol in 2022.

But now leaders of the DAO, a digital collective that runs the Mango Markets protocol, are pushing back against accusations that they are using their position and influence to profit from the spinoffs.

Mango DAO senior contributors John Kramer and Max Schneider said jealous rivals were behind accusations that the two men worked together to buy 333 million MNGO governance tokens, then pushed through a proposal to to resell them to the DAO at an inflated price.

It is not known at what price the 333 million ONGMs were purchased.

But based on the market value at the time of purchase, the tactic will allow sellers of the token to pocket more than $3 million.

“Mango’s recent upward momentum and the involvement of a long-time strategic partner are simply being misinterpreted by competitors who fear Mango’s ongoing renaissance,” Kramer said. DL News. “Please don’t fall prey to these misguided tactics.”

He did not respond to requests for details about the charges.

“I didn’t lie to anyone,” Schneider said DL Newsadding that everything he did was in the best interest of the DAO.

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“A group of people who have a vested interest in a competing Solana project – marginfi – and who collaborated with Avi in his fraud rampage that damaged numerous projects, including Mango, are trying to slow down this project by sowing distrust,” Schneider says DL News.

Schneider and Kramer declined to say who purchased the MNGO tokens – which were purchased from the collapsed FTX exchange – and why they did not initially disclose what they knew about the situation.

Schneider said on May 3 that he knew who purchased MNGO tokens and called the move an “investment.”

On chain evidence suggests that Schneider and Kramer’s trading company, called CKS Systems, may be behind the purchase.

Wallets connected to both the CKS systems and the MNGO buyer sent and received large amounts of crypto from the same address.

This is the sign that the two entities are identical.

The repurchase

So far, nearly $2.5 million worth of MNGO has been sold back to the DAO in an April buyback, with another buyback planned for May.

The move comes as Mango Markets struggles to recover from the crypto winter and the Eisenberg theft. But the protocol still holds a significant treasure of nearly $37 million.

Mango Markets struggled to recover after trader Avraham Eisenberg exploited the protocol in 2022.

On April 9, Kramer put to a vote a proposal allowing MNGO holders to sell their tokens to the DAO at a purchase price of $0.035 – above the $0.025 price at which MNGO trades on the open market.

If successful, code allowing MNGO holders to sell tokens to the DAO would be automatically deployed to Solana.

Kramer’s proposal was coded so that only MNGO token holders who voted on the proposal could sell tokens to the DAO.

On April 11, a previously unknown portfolio voted yes to the proposal using 333 million NGMOs, shocking the community.

Onchain records show that this wallet received the MNGO through an intermediary who purchased the tokens from the FTX domain.

“Wow, this is super fishy,” pseudonymous Mango DAO member Iwillnotsaveyou said in a Discord post on April 11, shortly after the mystery wallet voted on the proposal.

Schneider and Kramer, who posts under the name DonDuala on Discord, did not respond to questions about the identity of the buyer.

Although the proposal was initially rejected, Kramer re-introduced the proposal, while reassuring the community that it was in the best interest of Mango Market. The proposal was adopted a second time.

April 30, first buyback concluded with sellers agreeing to exchange 72.8 million MNGO for approximately $2.5 million in DAO treasury assets.

Who bought FTX’s MNGO?

However, many found the situation strange.

“Why would you give so much to the seller? Unless you are the seller,” Kevin Heavy, Mango DAO member, said in an X post on May 2.

Heavy pointed out chain records which show a link between Schneider, Kramer and the wallet that bought the 333 million ONGM from FTX.

Schneider and Kramer co-founded CKS Systems last year, which Kramer called a “native DeFi market maker born from the collaboration between Mango Markets and Dual Finance”.

Fearing a shutdown

Schneider said in the article from May 3 that he feared that whoever purchased MNGO tokens from FTX could force the project to shut down. To avoid a shutdown, he enlisted the help of trading companies to purchase the tokens.

“Among all these parties, the one who is truly aligned with and equipped to achieve Mango’s success is the one who purchased the tokens,” Schneider said in his post, without revealing which trading company purchased the tokens.

DL News asked Schneider if CKS Systems purchased MNGO tokens from FTX. He declined to comment.

All the while, Schneider and Kramer characterized the Mango Markets community’s reaction to the situation as that of their competitors working against them.

But many members of the Mango community do not accept this explanation.

Donderper, a pseudonymous member of Mango DAO, said on Discord: “What we are seeing happening here is not right and something needs to be done about it. »

Tim Craig is a DeFi correspondent at DL News. Do you have any advice? Send him an email to tim@dlnews.com.

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Related Topics:DAO FTX mango markets solana

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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