The U.S. Securities and Exchange Commission (SEC) has settled charges with Mango DAO, Mango Labs LLC, and Blockworks Foundation, alleging that the MNGO token was an unregistered security.

- The companies will destroy their MNGO tokens and ask crypto exchanges to stop trading them.

- The settlement will pay $700,000, subject to court approval.

- Mango DAO held a vote on the settlement proposal, which was accepted.

- The SEC noted that Mango DAO and Blockworks Foundation have sold $70 million in tokens since August 2021.

- The companies neither admit nor deny the allegations.

- SEC Cryptocurrency and Cybersecurity Chief Jorge Tenreiro stressed the need for anyone offering securities intermediary services to register.

- Mango Markets was trying to restart its trading platform after losing over $110 million in 2022.

- Abraham Eisenberg was convicted of fraud and market manipulation and will be sentenced on December 12, 2024.