Mango Markets allocates $250k to tackle US regulatory inquiries
Decentralized exchange Mango Markets is responding to scrutiny from U.S. regulatory bodies by allocating $250,000 worth of USD Coin (USDC) to its course. This move comes on the heels of recent woes, including a hack and ongoing legal proceedings that have led the DAO, or decentralized autonomous organization, to hire an intermediary who will guide the project through its regulatory battles. 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 Market...