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Judge Overturns Convictions in Mango Markets Exploiter’s Crypto Fraud Case
Judge Overturns Convictions in Mango Markets Exploiter’s Crypto Fraud Case
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A U.S. judge has overturned the fraud and market manipulation convictions of Avraham Eisenberg, the crypto trader accused of draining $110 million from the now-defunct decentralized finance protocol Mango Markets. U.S. District Judge Arun Subramanian ruled that prosecutors failed to prove Eisenberg made false representations to the platform.
Eisenberg manipulated the price of Mango’s native token MNGO with massive trades, spiking its value by over 1,000% in 20 minutes. This allowed him to borrow and withdraw $110 million in various cryptocurrencies using the inflated collateral. His defense argued that Mango Markets’ smart contracts permitted such transactions, framing the exploit as permissible under the protocol’s rules.
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