Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Abraham ‘Avi’ Eisenberg Seeks Retrial, Overturns Previous Mango Market Conviction
ADOPTION NEWS

Abraham ‘Avi’ Eisenberg Seeks Retrial, Overturns Previous Mango Market Conviction

By Crypto FlexsAugust 8, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Abraham ‘Avi’ Eisenberg Seeks Retrial, Overturns Previous Mango Market Conviction
Share
Facebook Twitter LinkedIn Pinterest Email

Convicted mango market extortionist Abraham “Avi” Eisenberg has asked the court to dismiss fraud and merchandising charges and retry him.

77 pages work out In a lawsuit filed earlier this week, Eisenberg’s attorneys argue that the Southern District of New York is not the proper venue and that the government has failed to prove that Eisenberg intended to manipulate the price of perpetual futures contracts on decentralized cryptocurrency exchange Mango Markets.

“The evidence was clear that Mr. Eisenberg acted alone in or around Puerto Rico during all relevant time periods—a somewhat limited time period since all relevant trading and withdrawal activity occurred over a period of approximately one hour,” his attorneys said. “In the absence of any evidence at trial, the government misrepresented the facts and the law in its brief.”

Prosecutors said Eisenberg acquired $110 million worth of cryptocurrency by “artificially manipulating” the price of a perpetual futures contract called MNGO Perpetuals. They said he then used the stablecoin USDC to buy large amounts of the exchange’s native token, MNGO, in an effort to drive up the price of MNGO, which in turn drove up the price of MNGO Perpetuals. Mango Markets said about $116 million The value of money based on exploitation. Eisenberg said Get arrested In Puerto Rico, December 2022.

Eisenberg said responsibility A few days after the October 2022 incident, he said his actions were part of a legitimate and “highly profitable” trading strategy that used Mango Markets as designed. Eisenberg later returned $67 million to Mango Markets, and the protocol community maintain $47 million was invested in governance voting.

His trial It began on April 9 and lasted about a week, during which Eisenberg’s defense argued he was implementing a legitimate “winning” trading strategy, but prosecutors said it was fraudulent.

Eisenberg’s attorneys argued that the government failed to prove that the Commodity Exchange Act applied to the case, and therefore the commodity conviction should be dismissed. The prosecution failed to show that MNGO Perpetual was a swap and not “strictly a security.” In the commodity manipulation conviction, his attorneys argued that Eisenberg did not intend to manipulate the market price of MNGO Perpetual.

“The trial evidence demonstrated that this price was completely irrelevant to Mr. Eisenberg, as he never attempted to sell his contracts, but instead took advantage of his ability to withdraw and borrow against the value of his outstanding positions,” the attorneys said.

Sentencing is scheduled for November 13, according to court documents.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025

AI starts a cost -effective batch API for LLM request.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

GBM Launches Auction Festival With The Sandbox, Aavegotchi, Unstoppable Domains, And More

June 26, 2025

French “Spiderman” Scales Skyscraper To Launch World’s First Action Token

June 26, 2025

Deribit And SignalPlus Launch “The Summer Chase” Trading Competition 2025 Featuring A $300,000+ USDC Prize Pool

June 26, 2025

Why I am still optimistic despite noise

June 26, 2025

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

Reddio Mainnet Alpha Is Live – The First GPU-Accelerated Parallel EVM For AI-Native DApps

June 26, 2025

RoboCorp.co Debuts World’s First Search Engine That Converts Human Data And Expertise Into Crypto Income

June 26, 2025

Moca Foundation Announces Moca Chain For Self-sovereign, Privacy-preserving Identity And User Verification

June 26, 2025

GSR Launches Enhanced Systematic OTC Platform, Expanding FX Capabilities And Asset Coverage

June 25, 2025

How To Turn $100 Into $1,000,000 In 2025

June 25, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

GBM Launches Auction Festival With The Sandbox, Aavegotchi, Unstoppable Domains, And More

June 26, 2025

French “Spiderman” Scales Skyscraper To Launch World’s First Action Token

June 26, 2025
Most Popular

A unique strategy for baby boomer investors

January 19, 2024

SEC’s Wells Notice to OpenSea Fuels Debate Over NFTs as Securities

August 31, 2024

Bybit’s PayPal PYUSD and Solana integration represents a key step toward blockchain interoperability.

August 20, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.