Cryptocurrency Trader Convicted of Fraud for $110 Million Exploit of Mango Markets
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In the United States, a collective jury has reached a verdict, convicting the individual responsible for a cyber attack that led to the $110 million theft from the Solana (SOL)-affiliated decentralized finance (DeFi) service Mango Markets, marking a precedent-setting case of cryptocurrency market tampering.
According to a press release by the Department of Justice, Avraham Eisenberg faced convictions for manipulating commodity markets, committing commodities and wire fraud which directly resulted in the severe financial instability of Mango Markets and the inability of its clientele to withdraw funds.
As alleged on October 11, 2022, Mango Markets experienced a severe disruption when an assailant exponentially increased the value of its asset, Mango (MNGO), using this manipulated surge as leverage to extract significant volumes of cryptocurrencies from the platform, predicated on the unrealized gains from a sizable stake in this digital token.
Eisenberg, self-identified as an aficionado and merchant of digital artistry, openly admitted to orchestrating the operation a week subsequent to the incident. Despite his claim that his actions were within the legal confines of trading strategies, the 28-year-old laid blame on the developers of the protocol for not preventing such an eventuality. Eisenberg’s detainment occurred in Puerto Rico on December 26th, 2022, following the filing of charges. The conviction was issued on April 18th, after a 10-day trial by jury.
Principal Deputy Assistant Attorney General Nicole M. Argentieri made the following declaration:
“The very act of manipulative trading jeopardizes our financial ecosystem and the integrity of investments. This case emphasizes the dedication of the Criminal Division in safeguarding our financial markets and imposing accountability upon those who engage in deceit and manipulation, irrespective of their methods.”
The date for sentencing is established for July 29th.
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