Mango Markets Exploiter Now Receives Order Of Detention Pending Trial
- The United States District Court for the District of Puerto Rico issued an order of detention for Avraham Eisenberg.
- It also cited his significant ties outside of the United States as factors in making the decision.
The United States District Court granted an order of detention for the District of Puerto Rico for Mango Markets’ abuser Avraham Eisenberg.
On December 28, 2022, Coincu reported that the Mango exploiter Avraham Eisenberg (Avi) has been detained by federal authorities in Puerto Rico for using the decentralized exchange Mango Markets illegally, and charges have been filed against him in the U.S. District Court for the Southern District of New York.
According to the lawsuit, Eisenberg was accused of commodities fraud and commodities manipulation.
On January 4, 2023, the United States District Court for the District of Puerto Rico issued an order of detention for Avraham Eisenberg after a detention hearing.
It was determined that the defendant must be detained pending trial because the Government has proven: By a preponderance of evidence that no condition or combination of conditions of release will reasonably assure the defendant’s appearance as required.
Eisenberg’s possibly lengthy sentence if convicted, as well as his considerable links outside of the United States, were also highlighted as factors in the decision.
Eisenberg oversaw a team that exploited Mango Markets in October for $114 million by inflating the value of MNGO, the exchange’s native cryptocurrency. By taking a sizable position in MNGO and driving up its price by 1,300%, Eisenberg was able to use the same platform to borrow additional tokens with bigger market caps and more stable values without having to pay them back.
Since the value of MNGO dropped, Eisenberg no longer had enough value to satisfy the debts that he had incurred in other tokens. Eventually, there has been no mention of whether the rest of his team would face criminal prosecution.
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