CFTC files suit against Avraham Eisenberg for market manipulation in Mango exploit

in its suit that Eisenberg “engaged in a manipulative and deceptive scheme to artificially inflate the price of swaps offered by Mango Markets […] culminating in the misappropriation of over $100 million from the platform” in October. According to the filing, Eisenberg “purchased over 400 million MNGO-USDC Swaps on Mango Markets with a position size of approximately $19 million.”

Eisenberg then bought “large quantities” of Mango’s MNGO coin on three exchanges that serve as Mango oracles. This forced up the price of MNGO, and Eisenberg borrowed digital assets worth about $144 million from Mango Markets at the inflated price, after which the MNGO price fell, leaving Mango Markets illiquid. His actions resulted in a “wash” transaction, according to the CFTC.

“The goal of Defendant’s scheme was straightforward: to artificially inflate the value of his swap contract holdings on Mango Markets through price manipulation, so that he could “borrow” a significant amount of digital assets that he had no intention to repay.”

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

CFTC Alleges Market Manipulation Against Mango Markets ExploiterThe CFTC has brought charges against Avraham Eisenberg for his role in Mango Markets' $100 million loss last year. Eisenberg said last year he was part of 'a highly profitable trading strategy.' nikhileshde reports CFTC nikhileshde more like a highly probable incarceration strategy. CFTC nikhileshde Meanwhile large institutional FX traders simply get a small fine for doing exactly this and colluding. Avi gave back most of the exploited funds. CFTC nikhileshde Bring charges against that crook Benham next
La source: CoinDesk - 🏆 291. / 63 Lire la suite »