Decentralized cryptocurrency exchange, Mango Markets, is allocating a budget of $250,000 to address ongoing regulatory examinations by US authorities. Detailed in a governance forum proposal, the decentralized autonomous organization (DAO) managing the exchange plans to utilize the fund to appoint a representative who will respond to regulatory inquiries.

The selected representative is Poland-based Cyberbyte, helmed by crypto developer and Mango Markets contributor, Adrian Brzeziński. Assuming a yearly term, the company will handle legal counseling and attempt to resolve regulatory disputes diplomatically.

Mango Markets became a target for regulatory oversight following a protocol exploit in October, which led to a loss of $116 million in cryptocurrencies. The operative behind the attack, Avraham Eisenberg,craftily inflated the value of Mango’s local token, MNGO, to secure substantial loans.

In a surprising turn of events, Eisenberg confessed to being the perpetrator but defended his actions as “legal open market activities” that were part of a highly lucrative trading strategy. However, Eisenberg was apprehended in Puerto Rico in December on charges of fraud and market manipulation.

Currently, Eisenberg faces legal action from several regulatory bodies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ). Mango Markets has also filed a suit against him. Presently detained in the US, Eisenberg awaits his trial slated for April.

In terms of remuneration, Cyberbyte will receive an upfront payment of $30,000, after which a compensation of $500 per hour in USDC.1 will be provided for their services as MangoDAO’s representative.