The developers behind the defunct decentralised crypto exchange Mango Markets say they plan to relaunch the project despite the Securities and Exchange Commission’s (SEC) allegation that the project’s native token, MNGO, is a security. The SEC’s designation of the token raises complicated questions about whether Mango Markets’ “version 4” can proceed without incurring regulators’ wrath. The SEC has not charged Mango with any wrongdoing. However, the agency last week accused MNGO trader Avraham Eisenberg of securities market manipulation after he drained $116 million from the exchange in October. According to securities lawyers who aren’t involved in the case, the SEC may be laying the groundwork for a case against the exchange that issued MNGO to its investors when it launched in 2021.