The Manipulation Scheme
Avraham Eisenberg, also known as “Avi,” orchestrated a $110 million fraud against the Mango Markets crypto platform. He manipulated the price of the platform’s token, MNGO, to artificially inflate its value. This allowed him to exploit an exchange feature and withdraw funds without intending to repay them.
Eisenberg’s Arrest and Trial
Eisenberg fled to Israel after the fraud but was arrested upon his return to Puerto Rico. Prosecutors argued that he intended to “take the money and run.” Eisenberg’s defense claimed he was executing a legal trading strategy within the platform’s rules.
The Prosecution’s Case
Assistant US Attorney Thomas Burnett argued that Eisenberg’s actions violated the rules of the platform and constituted fraud and manipulation. Eisenberg did not testify but actively participated in his defense.
The Token’s Recovery
Following Eisenberg’s conviction, the price of MNGO has surged, indicating renewed interest in the token. However, it remains significantly below its all-time high.
