Avraham Eisenberg charged with fraud and market manipulation related to Mango Markets hack

Avraham Eisenberg was arrested by FBI last year and charged with commodities fraud & commodities manipulation.

Solana based decentralized exchange Mango Markets was hacked last year, allowing the hacker to steal roughly $116 million worth of cryptocurrency from the platform. The hacker was none other than ‘Avraham Eisenberg’ the man behind the crime.

As per records, he stole $50 million USDC, $26.7 million mSOL, $24 million SOL & around $14.7 million MNGO tokens. Later, Mango was able to recover $67 million from the exploit after the team agreed to pay nearly half the stolen money to him and his team.

Eisenberg then tried to attack AAVE lending protocol using the similar strategy by taking out $40 million loans from AAVE and executing short sales. Although he lost heavily this time but the malicious activity was enough to put him behind bars, last year.

The United States Securities and Exchange Commission and CFTC (Commodity Futures Trading Commission) have accused him of unfair practices involving manipulating the Mango Market MNGO token which the company sold as a security.

According to the charges, Eisenberg engaged in a deceptive strategy by manipulating the data from the price oracle. Doing so allowed him to take out under-collateralized crypto loans worth $116 million.

The Latest Crypto Headlines:

Leave a Comment