Yes, there is a bug in the password recovery in Mono, I've reported it to the Mono team.
There is a workaround, instead of going to My Account, go to member list then click the gear next to the admin user name, this puts you in user admin page where you can set the password directly. If you change the email address/username, then you should log out and then log in again after changing it.
Hope it helps,
Joe