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US Crack Down on Alleged Crypto Fraud Involving Mango Markets and Avraham Eisenberg

US prosecutors have pressed criminal charges against a man accused of attempting to steal some $110 million last October by rigging crypto exchange Mango Markets, an entity run by the Mango decentralized autonomous organization (DAO). The individual is suspected of commodities fraud and manipulation. 

A complaint signed by an FBI agent and made public in a Manhattan federal court accuses Avraham Eisenberg of performing trades in futures related to Mango's native token MNGO that allowed him to withdraw about $110 million worth of crypto from other investors' deposits without visible intention to repay the funds, Reuters reported. 

The man was arrested on December 26 in Puerto Rico, U.S. Attorney Damian Williams said in a court filing. The December 23 complaint said that, last October, Eisenberg on used two accounts to buy and sell futures based on the relative values of MNGO and USD Coin (USDC).

By acting on both sides of the trades, Eisenberg artificially inflated MNGO’s price with regards to the stablecoin. This enabled him to borrow and then withdraw $110 million worth of different cryptos, according to the complaint.

Cryptocurrency Fraud Mango Markets
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