Crypto

Man who exploited $110 million from Mango Markets found guilty

Man who exploited $110 million from Mango Markets found guilty

Avraham Eisenberg was accused of wire fraud, commodities fraud, and commodities manipulation

Avraham “Avi” Eisenberg has been found guilty of fraud and market manipulation charges. Eisenberg was responsible for exploiting the Mango Markets decentralized exchange and making off with $110 million.

Jurors spent long hours deliberating before the US District Court for the Southern District of New York delivered the guilty verdict against Eisenberg on April 18. His charges included wire fraud, commodities fraud, and commodities manipulation.

Over the course of a two-week trial, Eisenberg’s lawyers argued that he did not engage in any criminal activities, contending that he had executed a “legitimate and successful” trading strategy that led to the acquisition of approximately $110 million from Mango Markets.

Eisenberg reportedly returned around $67 million of the funds following the exploit. However, he kept over $40 million after a community governance vote. Prosecutors claimed that Eisenberg’s actions amounted to fraudulent behavior.

Eisenberg is expected to be sentenced for his crimes by US District Court Judge Richard Berman in a hearing scheduled for July 29. His activities on Mango Markets in October 2022 will see him face up to 20 years in prison. Eisenberg was apprehended in Puerto Rico in December 2022 and has been detained by US authorities since January 2023.

Following the conclusion of the criminal trial, Eisenberg is expected to encounter further legal action. The US Securities and Exchange Commission and the Commodity Futures Trading Commission filed civil enforcement actions against him in 2023. These cases were previously put on hold and are set to resume two weeks after Eiseberg’s sentencing.

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