A New York federal jury convicted a Puerto Rico man of a $110 million scheme that was the Department of Justice's first-ever cryptocurrency open-market manipulation case, prosecutors said.
Prosecutors said Eisenberg fraudulently obtained about $110 million worth of cryptocurrency from the Mango Markets exchange and its customers by artificially driving up the price of both futures contracts and the MNGO crypto token. The man, 28-year-old Avraham Eisenberg of San Juan, faces a maximum possible sentence of 20 years in prison for the charges of wire fraud, commodities fraud, and commodities manipulation.
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