{"id":44221,"date":"2023-01-21T15:48:54","date_gmt":"2023-01-21T19:48:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=44221"},"modified":"2023-01-21T15:48:56","modified_gmt":"2023-01-21T19:48:56","slug":"u-s-sec-charges-mango-markets-exploiter-for-stealing-116m","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/u-s-sec-charges-mango-markets-exploiter-for-stealing-116m\/","title":{"rendered":"U.S. SEC charges Mango Markets exploiter for stealing $116m"},"content":{"rendered":"\n
The SEC brought charges against Avraham Eisenberg <\/a>after the U.S. securities regulator said Eisenberg stole $116 million from Mango Markets.<\/h5>\n\n\n\n
\"\"<\/figure>\n\n\n\n

The Securities and Exchange Commission<\/a> (SEC) of the United States and the Commodity Futures Trading Commission (CFTC) have joined forces to file charges against a cryptocurrency user accused of orchestrating a scam that caused millions of dollars in losses in Mango Markets, a DeFi protocol.<\/p>\n\n\n\n

By manipulating the MNGO governance token, Avraham Eisenberg defrauded Mango Markets of almost $116 million in cryptocurrency, according to a statement made by the SEC on January 20. <\/p>\n\n\n\n

In addition, it is alleged that Eisenberg stole money from Mango Markets after making a number of significant MNGO transactions in order to artificially raise the token's price to the USD Coin USDC tickers by $1.00.<\/p>\n\n\n\n

The SEC, with assistance from the FBI, the CFTC, and the U.S. Attorney's Office for the Southern District of New York\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, has also accused Avraham-27 of breaking the anti-fraud and market manipulation provisions of the Securities and Exchange Act. <\/p>\n\n\n\n

According to the banking regulator, it would pursue “Civil penalties, disgorgement with prejudgment interest, a conduct-based injunction, and permanent injunctive relief”<\/p>\n\n\n\n

Eisenberg is accused of carrying out a massive Mango Markets exploit in October that led to the withdrawal of over $50 million USDC, $27 million Marinade Staked SOL (mSOL), $24 million in SOL, and $15 million in MNGO.<\/p>\n\n\n\n

In the open, Eisenberg claimed that his actions as part of a “highly successful trading strategy” had been legitimate. Later, Mango Markets disclosed that he had spent almost $67 million.<\/p>\n\n\n\n

\n

Statement on recent events:

I was involved with a team that operated a highly profitable trading strategy last week.<\/p>— Avraham Eisenberg (@avi_eisen) October 15, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Police in Puerto Rico seized Eisenberg in December. The offender was charged with “intentional and artificial manipulation” of the price of never-ending futures on the cryptocurrency platform in an FBI complaint.<\/p>\n\n\n\n

The CFTC filed a lawsuit against Eisenberg on January 9 accusing him of market manipulation. The only way to secure Eisenberg's appearance was for a magistrate court to order his custody until his trial during a detention hearing in January. The Mango Markets fraudster <\/a>has not commented since his arrest in December.<\/p>\n","protected":false},"excerpt":{"rendered":"

The SEC brought charges against Avraham Eisenberg after the U.S. securities regulator said Eisenberg stole $116 million from Mango Markets. The Securities and Exchange Commission (SEC) of the United States and the Commodity Futures Trading Commission (CFTC) have joined forces to file charges against a cryptocurrency user accused of orchestrating a scam that caused millions […]<\/p>\n","protected":false},"author":43,"featured_media":44223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[],"class_list":["post-44221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1674323590641.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/44221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=44221"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/44221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/44223"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=44221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=44221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=44221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}