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The Mango Markets exploitationer is back, but this time things might not be going as planned.
Share this article. The CVR has seen a 75% swing since Avraham Eisenberg, a self-described “applied games theorist”, launched a plan for shorting the token. It appears to have backfired. Curve Whale GamesOne crypto’s most famous whales is fighting for Curve. Avraham Eisenberg, a self-described “applied games theorist” who was responsible for last month’s $100 million Mango Markets scam, has begun to short Curve DAO’s CRC token. On-chain sleuths discovered Tuesday morning that Eisenberg had borrowed 88,000,000 CRV tokens from Aave lending protocol and sold them to the market in the past week. Curve Finance is a decentralized cryptocurrency exchange that focuses on stablecoins as well as other low-volatility assets in order to maintain low slippage fees. It is a more conservative option in DeFi and is popular with liquidity providers for this reason. CRV is the governance token. Eisenberg’s selling pressure drove CRV down below $0.40, allowing him more CRV from Aave’s Curve pool to buy. Many observers believe Eisenberg was targeting Curve founder Michael Egorov by his short selling. Egorov is reported to have loans on Aave that were backed by CRV token collateral and a liquidation value of $0.25. Eisenberg could push the CRV prices to this level and trigger Aave’s liquidation contract. Egorov’s collateral is CRV token collateral. The liquidation price for Egorov’s debt is $0.25. PleasrDAO member Andrew Kang tweeted Tuesday that “First, he came to Mango, but I did not speak up.” He also included a picture of his long CRV position. “Now, he attempts to hunt the loan from one of the godfathers of DeFi, and that’s where the foot is put to defend.” Curve continued climbing, eventually reaching Eisenberg’s liquidation point just above $0.60. Aave’s liquidation mechanism began selling his USDC collateral to purchase back CRV tokens from the market to pay his debt. It appears that many of those who had bought Curve at $0.40 earlier today also took profits at this level, reducing the liquidation. While many people consider this a loss for Eisenberg and others don’t believe so, it was worth $5 million. Eisenberg tweeted cryptically, “Taking the day off for family, hope you’all behave yourselves.” This was widely interpreted as “psyops,” which are tactics used to manipulate opponents or enemies with psychology. Eisenberg may be trying to lure his enemies into a false sense security before revealing his ultimate plan. Another theory that Eisenberg and Egorov planned the entire spectacle from the beginning to generate interest in Curve protocol is slightly outlandish. Coincidentally Egorov also published the code for Curve’s upcoming stablecoin earlier this morning on GitHub. After he used price manipulation techniques to drain the $100 million of user funds from Mango Markets, a Solana-based protocol, Eisenberg became infamous in crypto circles. Eisenberg made a deal with the Mango Markets team to return half of the stolen funds. This was in exchange for Mango Markets using its treasury funds as a way to cover losses. Eisenberg called the Mango Markets’ exploit a “highly profitable trading technique,” causing outrage within the DeFi community. While some DeFi members believe Eisenberg did nothing wrong but others strongly criticize his actions and the negative impact they had on the space, It remains to be seen if Eisenberg was beaten or if the partial liquidation was part of his plan. DeFi enthusiasts will be closely watching to see what happens next. Eisenberg also appears to be moving money around, possibly to deposit as collateral to stop his Aave liquidation.Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies. Share this article 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