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Home»ADOPTION NEWS»US begins fraud trial over Avi Eisenberg’s $116 million Mango Markets use
ADOPTION NEWS

US begins fraud trial over Avi Eisenberg’s $116 million Mango Markets use

By Crypto FlexsApril 9, 20242 Mins Read
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US begins fraud trial over Avi Eisenberg’s 6 million Mango Markets use
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DeFi • April 8, 2024, 10:56 PM EDT

Posted 1 minute ago In ~

New York Federal Court will start Abraham Eisenberg’s trial on charges of criminal fraud and manipulation will examine his claims on Tuesday. $116 million misused Mango Markets, a Solana-based DeFi exchange. The trial is expected to last two weeks.

The trial was originally scheduled for December 4, 2023. Postponed upon request Eisenberg’s defense team.

Although Eisenberg confirmed that he and his team coordinated an attack on Mango Markets in October 2022, assert It is simply a “high-yield trading strategy” that legitimately utilizes the protocol as designed.

that much strategy Eisenberg manipulated price oracles and inflated the platform’s native Mango tokens using the inflated tokens as collateral to withdraw approximately $116 million worth of cryptocurrency loans that bankrupted the platform. Eisenberg later reached a settlement with Mango DAO, returning $67 million in funds.

Eisenberg said be arrested December 2022, following complaints from the Department of Justice, Commodity Futures Trading Commission, and Securities and Exchange Commission. In the United States, wire fraud charges can result in up to 20 years in prison.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority 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 about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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