Crypto trader Avraham “Avi” Eisenberg was found guilty by a Manhattan jury in October 2022 of orchestrating a $110 million fraud scheme targeting the decentralized finance (DeFi) protocol, Mango Markets.
According to prosecutors, Eisenberg, operating under a false identity, allegedly engaged in market manipulation to drive up the price of Mango’s token, MNGO, and related contracts, ultimately exploiting an exchange feature to withdraw $110 million in cryptocurrency with no intention of repayment.
Avi Eisenberg’s Manipulation Scheme Exposed
During the trial, prosecutors revealed that Eisenberg manipulated the price of MNGO tokens to deceive the system and acquire illicit funds. By “artificially inflating” the token’s value, Eisenberg allegedly sought to perpetrate a deliberate fraud against Mango Markets.
Assistant US Attorney Thomas Burnett emphasized Eisenberg’s intent to “take the money and run,” alleging that he meticulously planned and executed the fraud.
Shortly after his significant financial gain, Eisenberg fled to Israel from Puerto Rico, where he resided. However, upon his return to Puerto Rico on December 26, 2022, US authorities arrested him. Eisenberg has remained in custody since then, as a judge deemed him a flight risk ahead of his trial.
Prosecution Clash In Mango Markets’ Fraud Trial
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