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Mango Labs accuses two Mango DAO leaders of embezzling 10 million dollars during the trial
BlockBeats News, on October 10th, according to DL News, Mango Labs (the development company of the Mango Markets protocol) has filed its own lawsuit after reaching a settlement with the US Securities and Exchange Commission (SEC) a few weeks ago. The lawsuit was filed on October 7th in Puerto Rico, accusing John Kramer and Max Schneider, senior contributors to Mango DAO, of misappropriating over $10 million of DAO funds, thereby harming the interests of other members. The lawsuit alleges, ‘The defendants secretly purchased MNGO Tokens from FTX to manipulate the MNGO market and artificially increase the price of their Tokens, and violated their fiduciary duty by reselling these Tokens to Mango DAO.’ Kramer and Schneider deny any wrongdoing.