Fun

Mango Markets exploiter trial heads to jury

News Feed - 2024-04-18 06:04:12

Turner Wright2 hours agoMango Markets exploiter trial heads to juryAvi Eisenberg could face up to 20 years in prison if found guilty of commodities fraud and manipulation related to his alleged October 2022 exploit of Mango Markets.332 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA jury has begun deliberations for charges related to market manipulation and fraud following an alleged $110 million exploit of the Mango Markets decentralized exchange by Avraham “Avi” Eisenberg.


On April 17 in United States District Court for the Southern District of New York, Judge Richard Berman excused the jury for the day following closing arguments by prosecutors and defense attorneys. The individuals will continue deliberations tomorrow on whether to find Eisenberg guilty of commodities fraud and commodities manipulation after a two-week trial.


In October 2022, Eisenberg allegedly executed a series of large purchases on Mango Markets to artificially raise the price of the token relative to USD Coin (USDC), then withdrew the assets from the platform. U.S. authorities arrested Eisenberg in Puerto Ricoin December 2022, claiming he “willfully and knowingly” engaged in a scheme involving manipulating the price of perpetual futures on Mango Markets.


During closing arguments on April 17, Eisenberg’s lawyers argued that he did not commit any crimes but orchestrated a “successful and legal trading strategy” resulting in roughly $110 million in gains. Prosecutors claimed he “had to lie” to remove funds from Mango Markets, suggesting fraud was part of his plan.


“My client [...] fully complied with the Mango Markets smart contracts,” said Eisenberg’s attorney, according to reporting from Inner City Press. “He withdrew his own capital. It wasn’t a borrow. And the rest of the money? He returned shortly afterwards. They called Avi brazen. That’s not a crime. He didn’t hack into Mango Markets.”


Following the exploit, Eisenberg returned $67 million worth of crypto to Mango Markets but claimed he had obtained the remainder of the funds legally.


“He had control of $110 million,” said defense attorneys. “But he was seeking to return the funds. Maybe you wouldn’t have done it. But this is how people do it in this world of cryptocurrency. He sent $67 million. What was kept were the profits.”


Related:Mango Markets heist like a fake diamond ring scam: Prosecutor


A jury could come back with a verdict in the case as early as April 18. Reports have suggested that Eisenberg could face up to 20 years in prison if found guilty. He has been held in custody since January 2023.


In addition to the criminal charges, Eisenberg faces civil action brought by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. Both cases have been stayed until the conclusion of the criminal trial.


Magazine:US enforcement agencies are turning up the heat on crypto-related crime# Law# Hackers# Court# Crimes# RegulationAdd reaction

News Feed

LEAD Wallet Launches Its Super Simple Application; Even Your Grandma Would Be Able to Use It
LEAD Wallet Launches Its Super Simple Application; Even Your Grandma Would Be Able to Use It PRESS RELEASE. Lead Wallet, a new crypto wallet application, has off
Libra Crypto Is ‘Undoubtedly’ a Wakeup Call for Central Banks, Says ECB Exec
Facebook’s Libra could potentially solve some of the problems in the international payments market, but it might create a number of others that will require creative thinking by the regulators, says an European
Hong Kong to Start Testing Digital Currency in Coming Months
Hong Kong to Start Testing Digital Currency in Coming Months China’s special administrative region of Hong Kong is going to trial а digital version of its dollar as ea
Over 75% of Web3 games ‘failed’ in last five years: CoinGecko
Brayden Lindrea8 hours agoOver 75% of Web3 games ‘failed’ in last five years: CoinGeckoThe “failed” blockchain games are those that have seen their 14-day moving average number of active users down more than 99%
Bittrex Target of Latest $1 Million Crypto SIM Hack Lawsuit
Crypto exchange Bittrex is being sued over a SIM swap that netted criminals 100 bitcoin, currently worth nearly $1 million. The case resembles other recent high-profile heists in wh
Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage
Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage Ten days into October, and ahead of this Wednesday’s U.S. inflation report, b
Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon
Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon The blockchain firm Aave has launched the Lens Protocol, a social media project with application
Want to Dodge Your Crypto Tax? Learn the Risks From Koinly
Want to Dodge Your Crypto Tax? Learn the Risks From Koinly sponsored In recent years, the IRS has made one thing abundantly clear – if you make money from crypto, they want t
Helen Partz11 hours agoBinance adds fiat currency restrictions for Russian usersRussian ruble use on Binance P2P has been restricted to Russian citizens who live in the country.1553 Total views39 Total sharesListen to ar
Central Bank of Chile Studies Issuance of a Digital Currency
Central Bank of Chile Studies Issuance of a Digital Currency The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank
Study: Samsung Named Most Active Investor in Crypto and Blockchain Startups
Study: Samsung Named Most Active Investor in Crypto and Blockchain Startups Between September 2021 and mid-June 2022, Samsung invested in 13 crypto/blockchain companies thus making
Mystery malware targets Call of Duty cheaters, stealing their Bitcoin
Jesse Coghlan5 hours agoMystery malware targets Call of Duty cheaters, stealing their BitcoinMalware database vx-underground has warned of a new info-stealing malware in cyberspace that is targeting video gamers, especia