Mango Markets Exploiter Collared: $114M DeFi Heist Meets Old-Fashioned Justice

DeFi’s wild west era gets a reality check as Avraham Eisenberg faces 7 years for orchestrating the Mango Markets exploit—turns out ’code is law’ has a courtroom exception.

• The juice is loose: Eisenberg’s ’highly profitable trading strategy’ drained $114M in October 2022 by manipulating MNGO oracle prices

• Irony alert: The self-proclaimed ’applied game theorist’ now gets to test prisoner’s dilemma firsthand

Bonus finance jab: Meanwhile, traditional banks commit bigger frauds before lunch—but that’s just ’operational risk’ with a three-martini penalty.

Details of the Mango Hacker and Verdict

The trial concluded after approximately a year. Eisenberg faced additional penalties for possessing over 1,200 child exploitation images and videos. U.S. District Judge Arun Subramanian remarked on the necessity of the severe sentence due to the serious nature of the crimes.

Arun Subramanian: I believe the crimes warrant the penalty to prevent the spread of similar content.

The court underlined the significance of enforcing such penalties to deter similar offenses.

Previously, allegations connected to the crypto theft during the Mango Markets attack surfaced against Eisenberg. His defense team argued for a retrial regarding the attack, questioning the jurisdiction’s appropriateness.

Eisenberg Defense: We believe no personal gain was made, and platform protocols were followed.

However, these assertions were deemed insufficient by the court and subsequently rejected.

Appeal Process and Future Expectations

Lawyers are pursuing appeals and retrial requests. Beyond the initial sentence, Eisenberg was subjected to five years of supervised release, deployment of device monitoring software, and participation in treatment programs.

Post-sentencing, Eisenberg reportedly relocated to Israel from the United States, adding an international dimension to the legal process. This situation highlighted the necessity for increased collaboration and information sharing among relevant agencies.

The legal proceedings are seen as exemplary for balancing varying charges. The court’s response is expected to be closely observed for its impact on preventing such illicit activities. The upcoming appeal processes and potential retrial details will be attentively monitored by stakeholders.