Mango Markets, a Solana-based decentralized exchange (DEX) that suffered a $110 million abuse in October 2022, will cease operations on January 13. This decision follows an SEC settlement that requires the Mango governance DAO and development organization to burn MNGO tokens and delete them from all exchanges. In another development, Singapore blocked access to Polymarket, a crypto-based prediction market operating on the Polygon blockchain, as part of a crackdown on unlicensed gambling platforms.
Mango Markets definitively ceases operations
Mango Markets, the Solana-based decentralized exchange (DEX) that suffered a $110 million abuse in October 2022, will cease operations at 8:00 p.m. on Monday, January 13. This decision follows an SEC settlement that requires the Mango governance DAO and development organization to destroy MNGO tokens and delete them from all exchanges. Proposals to make borrowing on the platform “economically unsustainable” will also become enforceable on the same day.
The platform’s turbulent history includes the 2022 exploits of Avraham “Avi” Eisenberg, who was later convicted on fraud charges. In September 2024, Mango’s managing DAO settled an SEC lawsuit alleging the sale of unregistered crypto assets and operating as an unregistered broker. Further controversy stemmed from lawsuits between co-founders and contributors over locked MNGO tokens purchased from the FTX estate.
Access to cryptocurrency prediction marketplace Polymarket blocked
Singapore has blocked access to Polymarket, a cryptocurrency-based prediction market operating on the Polygon blockchain, as part of a crackdown on unlicensed gambling platforms. Users attempting to access the site in Singapore are met with a warning referencing Section 20 of the Gambling Control Act 2022, which imposes fines and potential imprisonment for gambling with unlicensed operators. The Gambling Regulatory Authority (GRA) has identified Polymarket as an illegal gambling site and emphasized that Singapore Pools is the only licensed online gambling operator in the country.
The move comes amid stricter enforcement of gambling regulations in Singapore, with the Singapore Police Force taking over enforcement from the GRA on January 1. Since 2015, Singapore has blocked more than 3,800 gambling websites and 145,000 transactions totaling SG$37 million ($27 million). Despite this crackdown, Singapore remains an important hub for the blockchain and cryptocurrency industry.
Polymarket has faced other regulatory challenges, including a 2022 agreement with the CFTC to operate an unregistered derivatives trading platform, which resulted in US customers being blocked. The platform also recently blocked French users following investigations by French authorities. Despite these obstacles, Polymarket saw significant activity in the first few days of 2025, recording $431 million in trading volume.
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