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Mango Markets Hacker Avraham Eisenberg Convicted of $110M Theft
The Mango Markets hacker, Avraham Eisenberg, was found guilty in a Manhattan federal court for orchestrating a scheme that resulted in the theft of approximately $110 million from the Solana-based DeFi platform.
Prosecutors’ Argument
- Eisenberg orchestrated a complex exploit on the platform, leading to substantial financial losses.
- He could face a maximum sentence of 20 years in prison.
Eisenberg Found Guilty of Commodities Fraud and Manipulation in Mango Markets Case
A federal jury in New York found Eisenberg guilty of commodities fraud, commodities manipulation, and wire fraud in connection with the exploit, which involved manipulating Mango Markets’ native token, $MNGO.
Legal Proceedings
- The trial began on April 9 and lasted over a week.
- Eisenberg was arrested in December 2022 in Puerto Rico.
Defense’s Argument
Eisenberg’s legal team contended that he had orchestrated a “successful and legal trading strategy,” resulting in gains. Prosecutors argued fraudulent intent.
Post-Trial Actions
Eisenberg’s lawyer expressed disappointment at the verdict but affirmed their intention to continue fighting for their client through post-trial motions.
Hacker Convicted in $110 Million Mango Markets Exploit Case
On October 11, 2022, Mango Markets was the victim of an attack in which approximately $110 million was drained from its treasury.
Exploitative Trading
Eisenberg utilized manipulative trading involving futures contracts tied to the values of Mango’s token MNGO and the stablecoin USD Coin, allowing him to withdraw $110 million in various cryptocurrencies.
Legal Charges and Arrest
Eisenberg was arrested on December 26, 2022, in San Juan, Puerto Rico, and faced charges from the CFTC and SEC for market manipulation and violations of securities laws.
Legal Ramifications
Eisenberg’s scheduled sentencing carries a potential maximum of 20 years in prison, reflecting increased scrutiny and enforcement within the cryptocurrency industry.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
