Mango Market attacker convicted of fraud and market manipulation

A New York federal jury convicted Avi Eisenberg for his role in Mango Market's $110 million attack. The attacker claimed his actions were legal before returning some of the ill-gotten funds. Eisenberg could face up to 20 years in prison after being convicted of wire fraud and market manipulation. Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for fraudulently obtaining funds from the Solana-based decentralized exchange .

He later reached out to Mango's decentralized autonomous organization , claiming his actions were legal and within the confinement of the protocol's design. Eisenberg later offered to return $67 million and keep the rest of the funds, which Mango's DAO agreed to through a governance vote. Eisenberg was convicted on Thursday by a federal jury in New York and could face up to 20 years in prison when he is sentenced on July 29.

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Crypto Trader Avi Eisenberg's Fraud Trial BeginsThe criminal fraud and manipulation trial of crypto trader Avi Eisenberg is set to begin, as a 15-person jury has been seated. The trial will determine whether Eisenberg broke the law with a trading strategy that caused significant damage to Mango Markets, a popular cryptocurrency betting venue on the Solana blockchain. This trial highlights the government's efforts to regulate decentralized finance (DeFi) in the crypto trading space.
Source: CoinDesk - 🏆 291. / 63 Read more »