Judge Overturns Convictions in Mango Markets Exploiter’s Crypto Fraud Case
A U.S. judge has overturned the fraud and market manipulation convictions of Avraham Eisenberg, the crypto trader accused of draining $110 million from the now-defunct decentralized finance protocol Mango Markets.
On Friday, U.S. District Judge Arun Subramanian ruled that prosecutors failed to prove Eisenberg made false representations to the platform.
He also moved to acquit Eisenberg of wire fraud charges. The investor manipulated the price of Mango’s native token MNGO with massive trades by more than 1,000% in 20 minutes before getting the protocol to allow him to borrow and withdraw $110 million in various cryptocurrencies, backed by the inflated collateral.
Eisenberg’s defense argued that the platform, which operated through smart…
