Mango Labs has accused John Kramer and Maximilian Schneider of embezzling $10 million from the Mango Decentralized Autonomous Organization (DAO). Kramer and Schneider held important positions in the DAO and were accused of making illegal profits. They purchased MNGO governance tokens belonging to the bankrupt FTX on behalf of the DAO. As a result, Mango Labs is now suing them. They claim they breached their fiduciary duties and violated civil codes in Puerto Rico relating to damages, fraud/misrepresentation and unjust enrichment. The group is seeking financial damages, punitive and exemplary damages, restitution and forfeiture of unjust enrichment. These include interest and fees.
The lawsuit has been filed as John Kramer and Maximilian Schneider have been accused of taking advantage of their positions within the DAO to benefit themselves financially. Mango Labs accuses them of purchasing MNGO governance tokens from the failed crypto exchange, FTX, illegally, to profit off of the DAO’s assets. Mango Labs alleges various charges, such as a breach of fiduciary duty, civil code violations of damages, fraud, misrepresentation and unjust enrichment. They want to obtain the compensation for damages, plus penalties.
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