Could a recent US criminal court case involving digital assets trading be helpful to Coinbase in its defense against the SEC? Last week, Avraham Eisenberg was convicted in a groundbreaking case on digital asset commodities fraud for manipulating Mango Markets to illicitly withdraw $110 million.
On October 11, 2022, Eisenberg manipulated the price of futures contracts, causing a surge of 1,300% in just 20 minutes, ultimately allowing him to “borrow” $110 million in cryptocurrencies against inflated assets, as Bloomberg reported. The federal jury in New York found him guilty of commodities fraud, commodities manipulation, and wire fraud.
Eisenberg, described by prosecutors as an “applied game theorist,” utilized a false identity to execute trades that significantly elevated the value of MNGO tokens and their corresponding futures contracts. His defense claimed that his trading actions were legal under the rules provided by the decentralized finance platform, which is run by a sma
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