Mango Market DAO fails to pass vote approving $700K SEC settlement
The Mango Market DAO failed to pass a proposal to pay off the Securities and Exchange Commission’s (SEC) $700,000 settlement after a major voter withdrew their vote hours before the deadline. The proposal required 2% of participants to vote ‘yes’ so that $669,684 USD from the Mango DAO escrow account could be used to settle with the regulator. According to X user @Henry_E__, the vote passed the 2% minimum threshold with 100 million votes. However, someone withdrew 80 million votes hours before the deadline and the vote failed to pass. Only three voters were registered by the time the deadline had passed. https://t.co/7K3AZ4Ek5T pic.twitter.com/VF7j4ctyVF — paul ️ (@thepaulbalaji) October 8, 2024 Read more: MNGO from FTX estate vote for Mango Markets buyback proposal At this point, the vote could not be saved because, as Henry pointed out, no new ‘yes’ votes can be submitted 24 hours before the deadline. In this period, votes can only be withdrawn or subm...