Avraham ‘Avi’ Eisenberg, linked to the 110 million dollar attack on the crypto currency platform Mango Markets, was convicted of fraud.
A judge in New York found Eisenberg guilty of commodity fraud, commodity manipulation and fraud crimes.
Eisenberg, who was implicated in the hack attack on the crypto currency exchange Mango Markets and accused of fraud, was arrested in Puerto Rico in December 2022.
The price of MANGO, the cryptocurrency of Mango Markets, suddenly began to rise in October 2022, and shortly thereafter the platform was attacked for 116 million dollars.
Before the attack, 5 million dollars of USDC was deposited into the platform and a long position was opened. The MANGO price increased 10 times in the first hour after that, and the attacker used it as collateral to escape by borrowing.
Shortly after the attack, Eisenberg claimed responsibility, stating that it was part of a trading strategy.
Eisenberg refunded 67 million dollars to Mango Markets, and the exchange’s users allowed him to keep 47 million dollars after a vote.
Although Eisenberg defended it as a fair trading strategy in court, the court classified it as fraud.
