A federal jury in Manhattan found Avraham Eisenberg guilty of fraud and market manipulation charges. This verdict is related to the $110 Million Mango Markets exploit, which could potentially impact the DeFi industry.
The ruling marks a significant milestone in holding bad actors accountable within the rapidly evolving DeFi ecosystem.
Eisenberg, a 27-year-old crypto trader, orchestrated a sophisticated scheme in October 2022 to artificially inflate the price of Mango Markets’ native MNGO token and related contracts.
By exploiting a flaw in the platform’s price oracle, Eisenberg deceived the system and withdrew a staggering $110 Million in cryptocurrency with no initial plans to repay the funds.
The Prosecution’s Case: Meticulously Planned Fraud
Throughout the trial, prosecutors described a meticulously planned fraud, asserting that Eisenberg used a false identity and manipulated the market to deceive the system and gain illegal profits.
Assistant U.S. Attorney Thom
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