The court case against Avraham 'Avi' Eisenberg, the exploiter of Mango Markets, has started with opening statements. Eisenberg's defense argues that his actions were part of a lawful trading strategy, while the prosecution claims they were fraudulent.
The court case against the Mango Markets exploiter Avraham 'Avi' Eisenberg began its opening statements Tuesday morning in a Southern District of New York court.
In opening statements, Assistant US Attorney Tian Huang said Eisenberg artificially pumped up the price of MANGO, stole funds, disguised himself as a Ukrainian woman, fled the country and ultimately "conned Mango Markets."Eisenberg's defense impinges on claiming the trades were legitimate within the decentralized finance system he executed them in.
Specifically, the exploiter put $5 million worth of the stablecoin USDC into Mango Markets and then opened a remarkably large long position, which caused MANGO's price to jump around 1,000% within an hour. The surge in MANGO's price caused the exploiter's collateral value to rise. The exploiter then borrowed other tokens on Mango Markets to accrue a large debt position before making off with the funds, The Block previously reported.
Court Case Mango Markets Avraham Eisenberg Exploiter Trading Strategy Fraud
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