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Home News

Crypto Trader Guilty of $110M Fraud

April 19, 2024
Reading Time: 2 mins read
in News
Crypto Trader Guilty of $110M Fraud

A trader, Avraham Eisenberg, has been convicted of fraud for exploiting Mango Markets’ rules to steal $110 million in cryptocurrencies. Found guilty of commodities fraud, commodities manipulation, and wire fraud, Eisenberg boosted futures contracts’ prices by 1,300% in just 20 minutes on October 11, 2022. Prosecutors revealed that Eisenberg, using a false identity, artificially inflated Mango’s token price and leveraged an exchange feature to withdraw the stolen funds. Despite Eisenberg’s defense of engaging in legal trading, the court deemed his actions fraudulent and sentenced him to significant prison time.

The conviction marks the first US trial involving criminal charges related to cryptocurrency manipulation, highlighting the legal ramifications of exploiting digital asset markets. Eisenberg’s manipulation of Mango Markets illustrates the vulnerabilities of decentralized finance platforms to fraudulent activities. Prosecutors emphasized that Eisenberg’s actions were premeditated, involving weeks of planning to defraud the exchange. The case underscores the importance of regulatory oversight and enforcement in safeguarding cryptocurrency markets against manipulation and fraudulent activities.

Following the verdict, Eisenberg’s attorney expressed disappointment but vowed to continue fighting for his client, indicating potential post-trial motions. Eisenberg’s agreement to return $67 million in crypto in exchange for avoiding further prosecution underscores the complexities of resolving cryptocurrency-related legal disputes. His extradition from Israel to the US and subsequent arrest highlight international efforts to combat cryptocurrency-related crimes and hold perpetrators accountable.

Reference:
  • Crypto Trader Convicted of $110M Fraud in Landmark Trial
Tags: April 2024Avraham EisenbergCrypto TraderCryptocurrenciesCyber CenterCyber NewsCyber News 2024Cyber threatsCybersecurityFraudMango Markets
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