Mango Markets employs a representative to oversee US regulatory oversight.

Decentralized exchange Mango Markets is recruiting new resources to handle ongoing scrutiny from US regulatory authorities.

According to a proposal presented at the Mango Governance Forum, the decentralized autonomous organization that runs the currency plans to approve a $250,000 budget on January 6. Supervisors regarding mango markets.

After approval, MangoDAO will be represented by Poland-based company Cyberbyte with a one-year tenure. The company is owned by crypto developer Adrian Brzeziński, who contributed to Mango Market. The representative's responsibilities include hiring legal counsel and facilitating “peaceful resolutions of US regulatory matters.”

The Mango Markets protocol was exploited in October, resulting in the loss of $116 million worth of cryptocurrencies. The attack was led by Avraham Eisenberg, who fraudulently obtained a large loan against Mango's native token, MNGO, over inflated collateral.

Related: Mango Market Says Exploitative Practices Are ‘Legal', But Were They?

Eisenberg later described himself as an exploiter, claiming that he operated a “highly profitable business strategy” under “legitimate open market measures.” But in December, he was arrested in Puerto Rico on charges of market manipulation and fraud.

The trader faces charges from the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice. Mango Markets also filed a lawsuit against Eisenberg. He has been held mostly in US prisons since his arrest, awaiting trial in April. Additionally, the show landed mango markets on the radar of US regulators:

“Following the exploitation of Mango Markets in October 2022, investigations were conducted by US regulators (DOJ, SEC and CFTC) into Eisenberg's role in the exploitation. In addition to these actions, some regulators have filed their own inquiries against Mango. Markets: These inquiries are collectively referred to as the “U.S. They are called “control issues”.

As a Mangodao representative, Cyberbyte will receive an initial flat fee of $30,000, then $500 USD per hour.

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