Latest Chain

Avraham Eisenberg is charged with Market Manipulation and Fraud

 ​

Eisenberg’s “highly profitable” trading strategy is described by the DOJ using other words.
Key TakeawaysAvraham Ironberg was arrested in Puerto Rico yesterday.
He is charged with commodities fraud and market manipulation.
Eisenberg and his team were behind $100 million Mango Markets.
Share this articleAvi Eisenberg may have been a bit too clever to be honest when he revealed that he was responsible in October for the Mango Markets exploit. The FBI was listening.” A Highly Profitable Trading Strategy” Yesterday, the Department of Justice arrested Avraham Eisenberg in Puerto Rico. He was accused of the Mango Markets scam that made him famous on Crypto Twitter. According to the affidavit, Eisenberg faces one count each of commodities fraud and commodities manipulation. Mango Markets is a perpetual, decentralized exchange on Solana. Eisenberg and his trading partners took a large position on Mango’s perpetual forwards contracts. This artificially increased the price of the MNGO token, which was $0.3 to $0.91. They used their unrealised profits to borrow the protocol’s assets and then took out a large position in Mango’s perpetual futures contracts, artificially inflating the price of the illiquid MNGO token from $0.3 to $0.91. Eisenberg, who famously stated that he had “operated highly profitable trading strategies” the week before the proposal was passed, announced that he was responsible for the exploit. Eisenberg’s brazen and open attitude may not have been a good thing. Eisenberg’s tweet about a “highly profitable trading scheme” is mentioned in the affidavit. There are many other examples that show Eisenberg was aware that laws against market manipulation were in place. The case against Eisenberg focuses on the Mango Markets exploit. However, the crypto community suspects Eisenberg of running similar schemes on Curve and Fortress DAO. There may be more indictments. The case against Eisenberg focuses on the Mango Markets exploit. However, the crypto community suspects that the trader ran similar schemes on Curve, Fortress DAO, and Solend. Decentral Media, Inc. does not warrant the timeliness, completeness, accuracy, or timeliness of any information accessed through this site. Decentral Media, Inc. does not act as an investment advisor. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News

 

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *