Mango Labs sues DAO members for allegedly misappropriating $10 million in internal funds

ChainCatcher news, according to Cointelegraph, Mango Labs has filed a lawsuit against John Kramer and Maximilian Schneider, accusing them of misappropriating $10 million from the Mango decentralized autonomous organization (DAO). John Kramer and Maximilian Schneider held trustee positions in the DAO and are accused of conspiring to profit illegally while they purchased the DAO's MNGO governance tokens held by the bankrupt FTX on behalf of the DAO.

The Mango Labs lawsuit alleges that the two violated their fiduciary duties, breached Puerto Rico's civil law regarding damages, fraud/misrepresentation, and unjust enrichment. The organization seeks monetary damages, punitive and exemplary damages, as well as the return and forfeiture of improperly obtained funds, including interest and fees.