Mango Markets MNGO

What the record shows

On September 27, 2024 the SEC filed settled charges against three entities behind Mango Markets, a crypto asset trading platform [1]. MNGO is the platform’s governance token. The complaint alleges that Mango DAO and Blockworks Foundation, which the release calls a Panamanian entity, raised more than $70 million from unregistered sales of MNGO starting in August 2021. It also alleges that Blockworks Foundation and Mango Labs, LLC acted as unregistered brokers [1].

Those are allegations. The three entities settled without admitting or denying them, and on October 1, 2024 the court entered a consent final judgment against each one [2]. The civil penalties were $223,228 for Mango DAO, $111,614 for Mango Labs, and $334,842 for Blockworks Foundation [2]. The entities also agreed to destroy the MNGO they hold, to ask trading platforms to remove it, and not to ask any platform to allow trading in it [1].

In June 2025 Mango Labs asked the court to set aside its judgment, pointing to a shift in the SEC’s crypto enforcement policy [5]. The other two entities did not seek the same relief [5]. The court denied the motion on January 21, 2026, the last filing on the docket as captured [2].

What the chain shows

MNGO is a token on Solana, created with the SPL Token Program. The key facts give its mint address, which the Orb explorer by Helius names as Mango (MNGO) [6]. The explorer page as served holds no supply, holder, or burn figure, so none is claimed here.

Whether the entities destroyed their MNGO has not been checked on chain. The court’s January 2026 opinion notes that Mango Labs certified on December 6, 2024 that it was meeting all the undertakings in its judgment [5].

Claims and distributions

The judgments against Mango DAO and Blockworks Foundation direct the SEC to send the penalties to the United States Treasury [3] [4]. No entry on the SEC case docket sets up a fund or a distribution for holders [2]. The judgment against Mango DAO says the MNGO destruction provision does not prevent it from winding down the non-MNGO assets in its treasury by acquiring MNGO from DAO members [3].

A separate case, No. 1:23-cv-00665 (S.D.N.Y.), shows more. Mango Labs, LLC brought it, and the court has put it on hold [10]. In January 2026 the other side asked that court to bar any transfer of the Mango DAO’s treasury assets and any further step to dissolve the DAO [10]. The court denied that request by an order dated January 28, 2026 [11].

In August 2026 both sides told the court the case should stay on hold [12].

Tax treatment

The judgments do not create a loss. A loss needs a closed transaction. The IRS Chief Counsel memo on crypto that has crashed says a token that still trades on an exchange is not worthless, and a holder who still controls it has not abandoned it [7]. The memo reads a worthlessness loss for an individual as a miscellaneous itemized deduction, and the statute now allows none of those for any tax year after 2017, with no end date [8].

A sale is different. The IRS FAQ says a sale of virtual currency for real currency is a capital gain or loss, reported on Form 8949 and summarized on Schedule D [9]. The entities agreed to ask trading platforms to remove MNGO [1], and this site has not checked whether any market still takes it. So the page makes no claim about whether a sale is possible today.

What a holder can do

The recover-or-write-off table further down lists three things a holder can do with what is left. None of them is a recommendation. Each one produces a different receipt, and the IRS reads the receipt.