A federal jury in the Southern District of New York has found Avraham ‘Avi’ Eisenberg guilty of having taken part in a $110 million exploit of the decentralized cryptocurrency exchange Mango Markets.
After two days of deliberations, the jury returned a verdict, finding Eisenberg guilty of several counts, such as wire fraud, commodities fraud, and commodities manipulation. The incident, which occurred on October 11, 2022, led to significant disruptions within the digital asset platform.
Details of the Exploit
The prosecution described how Eisenberg carried out a well-planned assault on Mango Markets by depositing huge amounts of USDC stablecoin on the platform. This capital was then utilized to build an overinflated position in the platform’s native token, MANGO, which resulted in its price being artificially pumped by over 1000% within an hour.
The overnight increase in valuation enabled Eisenberg to take out hefty loans against the inflated assets and withdraw large volumes of
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