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Cryptocurrency Trader Found Guilty of $110 Million Fraud Scheme

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Crypto Trader Convicted Of $110M Fraud


In a pivotal $110 million market manipulation case, a crypto trader has been found guilty of fraud.

The verdict against Avraham Eisenberg was delivered by a federal jury in New York, following allegations from the prosecution that Eisenberg intentionally influenced the price of specific perpetual futures on the Mango Markets trading platform.

According to the prosecution’s case, Eisenberg engaged in a scheme where he used two distinct accounts in a simultaneous act of purchasing and disposing of futures linked to Mango’s proprietary token MNGO and the USD Coin, a stablecoin.

Eisenberg has been convicted on charges encompassing commodities fraud, manipulation of the commodities market, and wire fraud. These convictions carry the potential for a lengthy prison stint, with sentencing scheduled for July.

Nicole Argentieri, the Principal Deputy Assistant Attorney General remarked on the case, stating: “Through a calculated and deceitful trading strategy on a digital currency exchange, Avraham Eisenberg swindled the platform and its clientele out of a staggering $110 million.”


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