Avraham “Avi” Eisenberg, who was found guilty of taking $110 million from the decentralized crypto exchange Mango Markets, is facing the final step in his legal case.
US prosecutors are asking a New York judge to sentence Eisenberg to between 78 and 97 months behind bars. He was convicted in April 2024 on charges including wire fraud, commodities fraud, and manipulation.
His sentencing, scheduled for May 1, has been delayed several times as the court works through complex issues. It was originally scheduled for December 2024, then postponed to February, and again to April before landing on the current date.
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The case dates back to October 2022, when Eisenberg exploited Mango Markets by manipulating its token’s price to take out massive loans. His lawyers have claimed it was simply a legal trading action. Still, a jury did not agree and found him guilty.
After the exploit, Eisenberg returned about $67 million to the platform following a governance vote, but kept over $40 million. Mango Markets later announced it would shut down, with operations officially ending on February 3, 2025.
In a recent court filing, Mango Markets requested that the judge order $47 million in restitution. The platform stated that while the damage cannot be fully repaired, returning the funds is a necessary step.
According to the filing, Eisenberg’s actions caused major harm, not just financially, but also to the company’s reputation and community.
Meanwhile, Waylon Wilcox recently faced up to six years in prison, according to the US Attorney’s Office for the Middle District of Pennsylvania. Why? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
