Mango Markets exploiter Avraham 'Avi' Eisenberg was found guilty Thursday in a federal court in New York in the $110 million exploit of Mango Markets back in 2022.
Avraham 'Avi' Eisenberg was convicted on fraud charges related to the over $110 million exploit of the digital asset platform Mango Markets, reports Bloomberg.
Eisenberg was arrested in December 2022 in Puerto Rico. Prosecutors charged him with commodities fraud, market manipulation and wire fraud in connection with the hack of the decentralized crypto exchange Mango Markets. The exploit involved putting $5 million worth of the stablecoin USDC into Mango Markets and then opening a remarkably long position. This caused MANGO's price to jump around 1,000% within an hour, raising the exploiter's collateral value. Then, the exploiter borrowed other tokens on Mango Markets to accrue a large debt position before making off with the funds.
Eisenberg later returned $67 million in funds to Mango Markets, and the protocol's community allowed him to keep $47 million in a governance vote.Eisenberg's defense emphasized in court that his actions enacted a lawful "winning" trading strategy. However, according to reports from Inner City Press, prosecutors called it outright fraud.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Court Case Begins Against Mango Markets Exploiter Avraham 'Avi' EisenbergThe court case against Avraham 'Avi' Eisenberg, the exploiter of Mango Markets, has started with opening statements. Eisenberg's defense argues that his actions were part of a lawful trading strategy, while the prosecution claims they were fraudulent.
Read more »
Mango Markets Exploiter Avi Eisenberg Found Guilty of Fraud and ManipulationCheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Read more »
Mango Markets exploiter found guilty after jury deliberationsAfter less than a day of deliberations, a Manhattan jury found Avraham Eisenberg guilty of fraud and market manipulation.
Read more »
Jury Begins Deliberations in $110M Mango Markets Fraud TrialCheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Read more »
Mango Markets exploiter trial heads to juryA jury in U.S. District Court for the Southern District of New York will continue deliberating on Avi Eisenberg’s criminal case involving Mango Markets on April 18.
Read more »
Mango Markets heist like a fake diamond ring scam: ProsecutorU.S. prosecutors argued Avi Eisenberg pulled a classic con on Mango Markets, but he says all he did was “execute a successful trade.”
Read more »