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Mango Labs sues DAO members for alleged misappropriation of $10 million internal funds.
Mango Labs sues DAO members for allegedly misappropriating $10 million in internal funds. Mango Labs has filed a lawsuit against John Kramer and Maximilian Schneider, accusing them of stealing $10 million from the Mango Decentralized Autonomous Organization (DAO). John Kramer and Maximilian Schneider serve as trustees in DAO and are accused of conspiring to profit illegally. At the same time, they represent DAO to purchase the MNGO governance token of DAO held by bankrupt FTX. The lawsuit accuses the two of breaching their fiduciary duties, violating the Puerto Rico Civil Code provisions regarding damages, fraud/misrepresentation, and unjust enrichment, and the organization's lawsuit seeks monetary damages, "punitive and deterrent damages," as well as the return and forfeiture of improperly obtained funds, including Interest and costs.