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.
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