Mango
MNGO
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
MNGO (Mango Markets) represents an abandoned and deprecated governance token undergoing active wind-down following severe catastrophic security and regulatory failures. Data gaps exist in Active Development (-1.0) and Community Support (-1.0) due to protocol abandonment and the absence of ongoing community activity following a governance vote to wind down. Across evaluated sections, MNGO scored 2.5 in Tokenomics, 2.5 in Market and Use Case, 2.0 in Team and Governance, and 1.5 in Security and Audit History. On October 11-12, 2022, Mango Markets experienced a major exploit in which an attacker manipulated the MNGO oracle price to drain approximately $110-116 million from the protocol treasury. Furthermore, the SEC brought settled enforcement charges on September 27, 2024 against Mango DAO and operating entities for unregistered securities offerings of MNGO, obligating the DAO to destroy tokens in its possession and request delistings. As the token is formally deprecated and undergoing wind-down, it presents extreme risk with no viable investment thesis.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Mango (MNGO)
Mango (MNGO) is a deprecated governance token for Mango Markets, a decentralized margin trading and lending platform launched on the Solana blockchain in 2021. Associated with operating entities including Mango DAO, Blockworks Foundation, and Mango Labs LLC, the protocol was designed to facilitate on-chain leveraged spot and perpetual contract trading, with MNGO functioning as the asset for protocol governance.
In October 2022, Mango Markets experienced a catastrophic economic exploit in which trader Avraham Eisenberg manipulated the MNGO oracle price by approximately 2,300% to drain between $110 million and $116 million from the protocol treasury via under-collateralized loans. The exploit prompted extensive multi-agency enforcement actions, including Department of Justice (DOJ) commodities fraud charges, a Commodity Futures Trading Commission (CFTC) market manipulation action, and Securities and Exchange Commission (SEC) securities fraud charges alleging MNGO was offered and sold as a security. Mango Labs also filed private civil litigation in federal court against Eisenberg seeking rescission of a post-exploit settlement agreement and damages for conversion and fraudulent misrepresentation.
On September 27, 2024, the SEC entered settled enforcement actions against Mango DAO, Blockworks Foundation, and Mango Labs LLC for conducting unregistered offers and sales of MNGO tokens raising over $70 million, as well as unregistered broker activity. Under the terms of the settlement, Mango DAO voted to pay civil penalties, cease token sales, destroy all MNGO tokens in its possession, and request delistings from all cryptocurrency exchanges. The protocol is defunct and abandoned, with active development ceased, negligible market liquidity, and the token trading down over 90% from its all-time high.