A federal jury has convicted crypto trader Avraham Eisenberg of fraud and market manipulation.
The charges stemmed from Eisenberg’s exploitation of Mango Markets, a decentralized finance (DeFi) protocol built on the Solana blockchain.
Eisenberg Convicted for Market Manipulation
Eisenberg, 28, was found guilty by jurors in a federal court in Manhattan on charges of commodities fraud, commodities manipulation, and wire fraud.
“Avraham Eisenberg executed a manipulative trading scheme on a cryptocurrency exchange, defrauding the exchange and its investors out of $110 million,” stated Nicole M. Argentieri, head of the Justice Department’s Criminal Division.
This marks the U.S. Department of Justice’s first criminal case targeting cryptocurrency market manipulation.
Mango Markets is a decentralized platform managed by Mango DAO that facilitates the lending, borrowing, swapping, and leveraged trading of cryptocurrencies.
During the trial, prosecutors presented evidence that Eisenber
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