The court trial for Avraham Eisenberg, the hacker responsible for the $114 million exploit of Mango Markets, has been postponed to April 2024. Eisenberg’s lawyers argued that various factors had hindered their client’s trial preparation, leading to the judge granting a continuance. In October 2022, Eisenberg drained approximately $114 million from Mango Markets by exploiting a vulnerability in the protocol smart contract. He opened two accounts on the platform and funded them with $5 million worth of USDC each. Eisenberg then placed large orders for Mango Markets’ native token, MNGO, at an unusually high market price, causing a 10x price increase. This inflated the value of his collateral, allowing him to obtain massive loans from the platform, which he quickly moved to other wallets. Eisenberg was arrested in December 2022 and charged with fraud and market manipulation. The court trial, originally scheduled for December 2023, was postponed due to Eisenberg’s lawyers claiming they needed more time to analyze the “voluminous discovery” provided by the US prosecutors. The trial has now been rescheduled for April 2024. In addition to the criminal charges, Mango Markets has filed a lawsuit against Eisenberg, claiming that their agreement to allow him to retain $47 million of the stolen funds was made under duress. The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have also filed individual lawsuits against Eisenberg, accusing him of market price manipulation.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇵🇷 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Avraham Eisenberg |
| Companies | Southern District of New York, Commodity Futures Trading Commission (CFTC), Mango Markets, US Department of Justice, US Securities and Exchange Commission (SEC), Damian Williams, US attorney of the Southern District of New York, US District Court |
| Currencies | Mango, USDC |
| Securities | None |
