Avraham Eisenberg, a Puerto Rican man who stole approximately $110 million by manipulating the DeFi platform Mango Markets in 2022, was found guilty by a New York federal jury on Thursday in the first cryptocurrency public market manipulation case investigated by the U.S. Department of Justice.
Avraham Eisenberg, 28, faces up to 20 years in prison on charges of wire fraud, commodities fraud and commodities manipulation.
Prosecutors said Avraham Eisenberg artificially inflated the spot and futures contract prices of Mango Markets' native token MNGO, and then borrowed cryptocurrency based on the inflated asset price, thereby fraudulently obtaining approximately $110 million worth of crypto from Mango Markets and its customers. currency without any intention of repaying the funds.
It is worth noting that after the incident, a user with a Twitter account named Avraham Eisenberg posted a post admitting that he was the attacker of Mango, and argued that what he did was legal open market behavior and a " Highly Profitable Trading Strategies".
When the man was indicted last February, the U.S. Attorney's Office in Manhattan said in a statement: "When Avraham Eisenberg borrowed and withdrew the cryptocurrency, he had no intention of repaying the borrowed funds. intends to steal these funds."
On Thursday, U.S. Attorney Damian Williams said:
Not long ago, an anonymous jury unanimously found Avraham Eisenberg guilty in the first-ever case of cryptocurrency market manipulation.
"This groundbreaking prosecution exemplifies our Bureau's ability to use innovative approaches and advanced enforcement tools to continue to protect all financial markets," said U.S. Attorney Damian Williams.
Avraham Eisenberg is scheduled to be sentenced on July 29 in Manhattan federal court.
"The first cryptocurrency market manipulation case in the United States: The jury found the "Mango attacker" guilty" This article was first published on "Blocker".
