Avi Eisenberg could face up to 20 years in prison after a conviction of wire fraud, commodities fraud and commodities manipulation related to a $110 million Mango Markets exploit.
A jury has found Avraham “Avi” Eisenberg, the crypto user responsible for a $110 million exploit of the Mango Markets decentralized exchange, guilty of fraud and market manipulation.
In an April 18 ruling in United States District Court for the Southern District of New York, a group of jurors announced that Eisenberg had been found guilty of wire fraud, commodities fraud and commodities manipulation. The decision followed hours of deliberations after closing arguments on April 17.
During a two-week trial, Eisenberg’s legal team claimed that he did not commit any crimes but orchestrated a “successful and legal trading strategy,” which resulted in roughly $110 million from Mango Markets. He returned roughly $67 million of the funds after the exploit but retained more than $40 million following a governance vote by the community. Prosecutors argued that Eisenberg’s actions constituted fraud.