Nearly a year after alleged cryptocurrency market manipulator Avi Eisenberg robbed the blockchain-based trading protocol Mango Markets for more than $100 million, the platform’s stakeholders are scrambling to cover mounting legal costs.
And, based on early vote results on a major proposition from the platform’s founder, they look unwilling to continue footing the tab.
Mango Labs, the major business constructing the Solana blockchain-based exchange, is cash-strapped after spending over $2 million – its entire 2023 budget – six months early.
With more “regulatory inquiries” on the horizon, the company has requested members of Mango DAO – the so-called decentralised autonomous organisation or DAO that oversees the protocol – to authorise an additional $2 million in legal fees.