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SEC Levels Price Manipulation Charges Against Mango Markets Attacker

On Saturday, the US Securities and Exchange Commission (SEC) charged Avraham Eisenberg, the attacker behind Mango Markets’ exploit, with market manipulation and fraud charges. Eisenberg claimed to be responsible for the attack on the decentralized exchange last October.

In December 2022, the attacker, who is a US citizen, got arrested in Puerto Rico and transferred to New York to begin his trial for the many criminal charges he’s facing. Eisenberg is said to have manipulated Mango Markets prices to steal roughly $118 million in crypto.

While boasting about the attack on his Twitter account, Eisenberg described it as an extremely profitable strategy. As a result of the attack, Mango Markets briefly became insolvent. Eisenberg appeared on the ‘Unchained’ podcast to defend his actions.

He said he believed his actions were legitimate open-market actions and that he used the protocol as designed. However, the SEC has differed from Eisenberg’s statements. In its filing, the Commission claims he violated several provisions of the securities laws.

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Other US Regulators Charge Eisenberg

In recent weeks, other US regulators, including the Commodity and Futures Trading Commission (CFTC) and Justice Department (DOJ), have charged Eisenberg with numerous counts. The CFTC charged him with manipulation and commodities fraud, while DOJ charged him with market manipulation offenses.

SEC Classifies MNGO Token as a Security

Meanwhile, the SEC claims that Mango Markets’ governance token, MNGO, is a security. However, many crypto analysts have disputed the Commission’s claim. In addition, the SEC’s chairman Gary Gensler has constantly received backlash following his statement that almost all cryptos are securities.

Moreover, according to SEC, Eisenberg allegedly attempted to use the MNGO token he stole to manipulate Mango Markets’ decentralized autonomous organization (DAO) by voting for his own proposal to refund the tokens. The DAO then offered him over $45 million if he returned the funds.

Eisenberg’s Failed Attack on Aave Protocol


In its filing, SEC claims that Eisenberg attacked Mango Markets while staying in Puerto Rico and then fled the country for an unknown amount of time before returning to the United States, where he tried to execute a similar attack on Aave protocol last November.

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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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