US Authorities Charge Mango Market Attacker – Defendant Arrested, Detained in Puerto Rico
The US Securities and Exchange Commission (SEC) just announced on Friday that it has indicted Avram Eisenberg for conspiring to attack crypto assets trading platform Mango Market by manipulating the MNGO token, and the regulator notes that Crypto tokens were introduced and sold as a security.
Turning to the defendant, he is a 27-year-old US citizen who is facing parallel criminal and civil charges by the Department of Justice and the Commodity Futures Trading Commission as stated by the Securities and Exchange Commission. The Commodity Futures Trading Commission filed a civil enforcement action against Avram on 9 January. He was arrested and detained at the MDC Guaynabo, Puerto Rico. The securities watchdog reported that Eisenberg engaged in a plan to steal assets worth approximately $116 million from the Mango Markets platform beginning October 11, 2022, while living in Puerto Rico. According to the regulator, he allegedly used an account that he controlled on the general market to place large volumes of futures for MNGO tokens and used a separate account on the market. Additionally, Eisenberg allegedly purchased large amounts of sparsely traded tokens in order to artificially inflate the token’s price relative to the USD Coin (USDC). The Securities and Exchange Commission continues by saying that the price of Mango futures on the Mango market was subsequently inflated. The securities regulator says Eisenberg used his worth to borrow and simultaneously return approximately $116 million worth of different cryptocurrencies from Mango Markets by inflating perpetual futures that effectively All assets that were available were removed from the market platform. The Securities and Exchange Commission charged Eisenberg with “anti-fraud violations of the securities laws as well as one count of market manipulation”. The regulator is seeking “relief from the permanent injunction and a full judgement disgorgement including interest and civil penalties”.
