Fun

US Authorities Charge Mango Markets Attacker — Defendant Arrested, Detained in Puerto Rico

News Feed - 2023-01-23 09:01:03

US Authorities Charge Mango Markets Attacker — Defendant Arrested, Detained in Puerto Rico


The U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), and the Department of Justice (DOJ)have charged an alleged attacker who stole $116 million from crypto trading platform Mango Markets.The defendant has been arrested and is currently detained in Puerto Rico. Mango Markets Manipulator Arrested, Detained


The U.S. Securities and Exchange Commission (SEC) announced Friday that it has charged Avraham Eisenberg with “orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token.” The regulator noted that the crypto token was offered and sold as a security.


The defendant is a 27-year-old U.S. citizen who is facing “parallel criminal and civil charges” brought by the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC), respectively, the SEC added. The CFTC filed a civil enforcement action against Eisenberg on Jan. 9. He has been arrested and detained at MDC Guaynabo, Puerto Rico.


The securities watchdog explained that beginning on Oct. 11, 2022, while living in Puerto Rico: Eisenberg engaged in a scheme to steal approximately $116 million worth of crypto assets from the Mango Markets platform.


He allegedly “used an account that he controlled on Mango Markets to sell a large amount of perpetual futures for MNGO tokens and used a separate account on Mango Markets to purchase those same perpetual futures,” the regulator said.


In addition, Eisenberg allegedly made a series of large purchases of the thinly traded MNGO token to artificially raise the token’s price relative to USD Coin (USDC), the SEC continued, adding that the price of MNGO perpetual futures on Mango Markets subsequently increased. According to the securities regulator: Eisenberg used the increased value of his MNGO perpetual futures position to borrow and withdraw approximately $116 million worth of various crypto assets from Mango Markets, effectively draining all available assets from the Mango Markets platform.


The SEC charged Eisenberg with “violating anti-fraud and market manipulation provisions of the securities laws.” The regulator is seeking “permanent injunctive relief, a conduct-based injunction, disgorgement with prejudgment interest, and civil penalties.” Tags in this story CFTC Mango Markets, DOJ Mango Markets, Mango Markets, Mango Markets attacker, Mango Markets attacker arrested, Mango Markets exploiter, Mango Markets hacker, Mango Markets manipulator, Mango Markets manipulator arrested, SEC, SEC Mango Markets


What do you think about this case? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Jim Cramer Thanks SEC Chairman for Standing up to "Crypto Bullies" Seeking Spot Bitcoin ETF Approval REGULATION | 1 day ago UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAxie Infinity’s Monthly Player Count Drops to Low Not Seen Since November 2020 Next articleFBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Binance fined $2.25M by India’s Financial Intelligence Unit
Amaka Nwaokocha2 hours agoBinance fined $2.25M by India’s Financial Intelligence UnitIndia’s financial watchdog issued charges against Binance after reviewing written and oral submissions from the Binance director an
Analyst Predicts Bitcoin Price Surge To $120,000 And Then A 50% Crash To $60,000, Here’s When
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum ETF process is ‘going smoothly,’ says SEC’s Gensler
Jesse Coghlan2 hours agoEthereum ETF process is ‘going smoothly,’ says SEC’s GenslerSEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be
Arijit Sarkar36 minutes agoOprah and The Rock collect crypto donations for Maui wildfire victimsThe Rock and Oprah Winfrey launched the People’s Fund of Maui to provide direct financial support to those affected by the
Tom Mitchelhill5 hours agoPro-XRP lawyer Jeremy Hogan’s scam tweet bonanza finally falls silentFor the better part of the last four days, hackers used Hogan’s account to promote fraudulent XRP giveaway scams.1797 Tot
Ezra Reguerra10 hours agoCrypto developer commits $2M rug pull fraud to fuel gambling addictionA Redditor described the developer’s gambling addiction excuse as a “weird way to rug,” as projects usually just run aw
Turner Wright2 hours agoSEC pushes deadlines for ARK 21Shares, VanEck spot Ether ETF applicationsThe commission also designated a longer period to reach a decision on spot Bitcoin ETF applications from ARK 21Shares and G
5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release
5% of Block Rewards - Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release Bitcoin ABC developers published a blog post on Saturday which discusses the miner Infrastr
Arijit Sarkar10 hours agoAI a powerful tool for devs to change gaming, says former Google gaming headRyan Wyatt deciphers the the possibilities for AI to help gamers and game developers achieve.523 Total views42 Total sh
Biggest Movers: SOL Hits 6-Week High, Following US Inflation Data
Biggest Movers: SOL Hits 6-Week High, Following US Inflation Data Solana moved to a six-week high on Wednesday, as markets reacted to the latest inflation figures from the United S
Ethereum’s Prolonged Consolidation: What Is Really Going On? Analyst Weighs In
Este artículo también está disponible en español. Ethereum performance has lagged behind the broader cryptocurrency market in recent months, with the asset failing to cap
Promising Presale to Explode as Memecoin Market Destined for Long-Term Growth, According to CryptoQuant CEO
Este artículo también está disponible en español. In a recent interview, Ki Young Ju, the CEO of CryptoQuant, drew interesting parallels between the crypto meme coin mark