According to BlockBeats, on September 28, according to official news, the U.S. Securities and Exchange Commission (SEC) today filed settlement charges against Mango DAO and Blockworks Foundation, accusing them of participating in the unregistered offering and sale of "MNGO" token crypto assets.
The SEC also filed settled charges against Blockworks Foundation and Mango Labs LLC for engaging in unregistered brokerage activities in connection with the offering and sale of various crypto assets as securities on the Mango Markets platform.
According to the SECâs complaint, starting in August 2021, Mango DAO, a purported decentralized autonomous organization (DAO), and the Panamanian entity Blockworks Foundation raised more than $70 million from hundreds of investors around the world, including in the United States, through an unregistered offer and sale of MNGO tokens, the governance token for the purported Mango Markets platform.
The two entities ultimately agreed to a settlement with the SEC, accepting its injunction and order, jointly paying a civil penalty of nearly $700,000, and destroying their MNGO tokens, removing MNGO tokens from trading platforms, and no longer soliciting any trading platform to allow the trading, offering, or sale of MNGO.
