The crypto investor who used his high-profit strategy skill to drain over $100 million from Mango Market has been apprehended.
According to reports, he was caught and taken into custody by authorities in Puerto Rico on Monday.
Arrested And Convicted
This hack attack was carried out by Avraham Eisenberg, who describes himself as a crypto mastermind.
He did, however, admit to the theft charges when confronted and would face the consequences of his actions in court.
Eisenberg will be the first American to be involved in the hacking of a Defi Platform system in an attempt to drain funds from the system.
He is currently facing charges of fraud and money laundering.
This crime may result in a prison sentence or him paying a large fine in remission of his crimes.
According to a statement released by an FBI agent presiding over the case, he intentionally committed the crimes of fraud and money laundering by tricking the system into releasing more funds.
Eisenberg was accused of intentionally manipulating and deceiving the system by manipulating the platform’s contract, among other deceptive techniques.
He was apprehended on Monday night after authorities tracked him down to Puerto Rico. The attorney presiding over the case disclosed this information during a court filing regarding this case.
Events Of The Hack
Eisenberg manipulated the platform native token MNGO, according to the report filing. He proceeded to sell the MNGO tokens he received from the tokens, causing the token price to rise in less than an hour.
He also borrowed from the market against the worth of his current position in the market and withdrew all funds deposited on the Mango Market platform.
This total withdrawal amounted to $110 million.
In defense, he claimed that he had previously been a member of a team that employed very lucrative tracking techniques similar to the ones he used on the Mango Market company.
This hack caused the company to be liquidated.
Eisenberg and the platform got in touch after the hacking incidents, and he agreed to refund $67 million out of what had been stolen.
With the money the firm recovered from Eisenberg, the company decided to compensate the impacted investors.
The Mango Market server was buzzing with excitement after hearing about Eisenberg’s arrest.
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