Avraham Eisenberg, a bitcoin dealer, was arrested and brought to court from Puerto Rico. He is accused of manipulating the Mango Markets exchange in order to steal $110 million from several bitcoin traders.
Prosecutors in the United States have brought criminal allegations of commodities fraud and manipulation against a man suspected of attempting to steal $110 million in October.
Police charged Avraham Eisenberg of Puerto Rico with attempting to manipulate the Mango Markets bitcoin exchange.
A complaint was filed in federal court in Manhattan on Tuesday. Eisenberg manipulated the price of Mango swaps using two Mango Markets accounts, allowing the traders to keep the position open. He used to extract millions of dollars from other investors’ accounts with no intention of repaying them.
Eisenberg was detained in the United States on Monday night, according to Manhattan attorney Damian Williams in a court filing. It’s even unclear whether Eisenberg has a lawyer to represent him in court. Mango is a decentralised cryptocurrency exchange hosted by Mango DAO that allows investors to lend, borrow, swap, and trade bitcoin assets using leverage.
On October 11, Eisenberg utilised two accounts to purchase and sell futures based on the relative prices of MNGO and the stablecoin USD Coin, according to a complaint signed by FBI special agent Brandon Racz on December 23, 2022. (USDC). He switches those two transactions that increased the price of MNGO, and that misunderstanding allowed the accused to borrow and then walk away with a large sum.
Mango quickly launched discussions with Eisenberg and achieved a $67 million settlement.
All mango depositors will be compensated, according to the announcement. According to a news statement published by the court, Eisenberg is accountable for trading and forfeiting the sums, and Mango Markets exchanges will become bankrupt.
This was not the end of the story. Later, Eisenberg moved to Twitter and published a plan for making trading lucrative.
