Mango Markets DAO buyback plan leads to accusations of ‘self-dealing’

📆 5/6/2024 1:19 PM
📰 Cointelegraph

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Supporters of a more than $5 million MNGO buyback plan managed to enact their plan, but critics accused them of being the blockchain equivalent of corporate raiders.

Mango DAO used treasury funds to compensate hack victims through a buyback program, but critics claim it was done to benefit an FTX estate buyer.

Critics of the plan accused its originator, DonDuala, of being connected to the FTX buyer. DonDuala did not comment on this accusation within the Discord forum. Donderper did not post any evidence of the price at which the alleged over-the-counter trade took place. Blockchain data shows only that a known FTX account

On April 20, Mango Markets co-founder Daffy Durairaj posted a lengthy argument against the new proposal’s passage. Durairaj claimed that DonDuala and Maximilian were being “completely mercenary” and were “willing to say and do whatever in order to improve their financial position.” Through private conversations, Durairaj had learned that “there is a large amount of money at stake and they don’t intend to negotiate.

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