Eisenberg Amasses $144 M: Mango Lab Sues for Price Manipulation

• Mango Labs sued Avraham Eisenberg for manipulating MNGO’s price.
• Eisenberg amassed $114 million in profits upon the manipulation of the price.
• He promised to return $67 million of the amassed fund.

According to reports, the parent organization of the DeFi platform Mango Markets, Mango Labs LLB, has sued the trader Avraham Eisenberg, who manipulated the price of the platform’s native token MNGO, and thereby amassed $114 million in profits.

Bloomberg news tweeted, “Mango Labs sues trader Avraham Eisenberg seeking to recover stolen crypto worth tens of millions of dollars.”

Later, the platform mentioned that Avraham Eisenberg has agreed to return $67 million of the illegally amassed money, adding that “he retained, and continues to retain” the rest of the money.

Earlier, US Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) had sued him for manipulating the price of MNGO.

According to the reports, Eisenberg manipulated the token’s price by pushing it by 1300% in just 20 minutes. As a consequence of Eisenberg’s “malicious attack”, the tokens dropped to just 2 cents, forcing the platform to suspend any operations.

In December, Eisenberg was arrested and detained in Puerto Rico for the crime, in addition to the other parallel criminal charges. The current status of the case is unclear; it is not clear if the alleged has been moved to New York.

In addition, the Mango Markets has also accused Eisenberg for attacking the crypto lending platform Aave:

Since the attack, the defendant has continued to plan to attack Mango Markets further, in public, and has the converted funds to attack other cryptocurrency protocols as well.

Interestingly, referring to the Mango scheme, Eisenberg tweeted that he has been a part of a team that “operated a highly profitable trading strategy”, adding that he believes that his actions were legal.