Mango Markets Exploiter Avraham Eisenberg Convicted In $110M Crypto Fraud

Avraham “Avi” Eisenberg, a crypto trader, was convicted by a Manhattan jury in October 2022 for orchestrating a $110 million fraud against the decentralized finance (DeFi) platform, Mango Markets.

Eisenberg, under a false identity, manipulated the market to inflate the price of Mango’s token, MNGO, and related contracts. Subsequently, he exploited an exchange feature to withdraw $110 million in cryptocurrency, devoid of repayment intentions.

Avi Eisenberg Manipulation Scheme Revealed

Prosecutors unveiled Eisenberg manipulation tactics during the trial, where he allegedly inflated the MNGO token value to deceive Mango Markets, aiming to amass illicit gains.

Assistant US Attorney Thomas Burnett emphasized Eisenberg premeditated scheme to defraud, stating his intention to abscond with the funds.

After reaping substantial profits, Eisenberg fled to Israel from Puerto Rico, where he was residing. Upon his return to Puerto Rico in December 2022, US authorities arrested him, considering him a flight risk.

Prosecution Disputes Defense in Mango Markets’ Fraud Trial

During the trial, Eisenberg defense attorney, Brian Klein, argued that his client had executed a legal trading strategy within Mango Markets’ rules. Klein emphasized that Eisenberg operated within the parameters of the platform smart contracts and associated risks.

Assistant US Attorney Thomas Burnett refuted the defense stance, asserting that Mango Markets’ rules did not shield Eisenberg from prosecution for fraud and manipulation.

Eisenberg did not testify but actively participated in his defense, collaborating with his attorneys during the trial.

Post-Eisenberg conviction, the price of the MNGO token surged to $0.029, marking an 11.5% increase in 24 hours. Despite recent gains, MNGO remains far below its all-time high of $0.49, reflecting a 94% decline from its peak level in September 2021.

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