Dango Shuts Down Amid Financial and Legal Challenges

Dango, a Layer 1 blockchain and decentralized exchange (DEX), is shutting down its operations after facing mounting financial and legal challenges. The platform will cease trading on its DEX on Wednesday, July 29, at 12:00 p.m. UTC, with any open perpetual futures positions remaining after the deadline settled using the oracle price.

In addition to ending trading on its DEX, Dango's Layer 1 blockchain will remain operational until Wednesday, August 13, at 12:00 p.m. UTC. After that date, any unclaimed deposits will automatically be sent back to the original Ethereum wallet addresses used for deposits.

The team behind Dango assured users that customer funds are secure and announced plans to remove withdrawal limits soon. However, they advised traders to close positions and withdraw assets as quickly as possible due to potential liquidity decline and higher slippage as the shutdown approaches.