The Mango Markets Scandal
On October 11, 2022, Avraham Eisenberg allegedly inflated the MNGO token by 1000% in 20 minutes. He then used this inflated value to borrow over $110 million from Mango Markets, which was later revealed to be a theft.
Eisenberg’s Trial
Eisenberg’s trial is underway in a New York federal court. The prosecution alleges fraud and market manipulation. The defense argues that Eisenberg executed a successful trade within the bounds of transparency.
Impact on Blockchain Technology
The trial raises questions about the role of autonomous code and smart contracts in the crypto industry. Crypto lawyer Gabriel Shapiro suggests that the ruling could challenge the finality and immutability of autonomous code.
Mango Markets’ Recovery
Despite the hack, the native token MNGO has recovered significantly. It has experienced a 124% increase year-to-date and a 174% uptrend in the past 30 days. The current trading price for MNGO is $0.0399.
