- Avraham Eisenberg, the man behind the Mango Market manipulation, was arrested on Monday.
- Eisenberg was accused of stealing about $110 million through manipulation.
- The court filing revealed that Eisenberg was charged under two counts.
Seeking justice for a past crime, US Attorney Damian Williams stated that Avraham Eisenberg, the man behind the Mango Market manipulation, was arrested on Monday in Puerto Rico. Reports have claimed Eisenberg was accused of stealing about $110 million through manipulation of the Mango Market.
The complaint by Brandon Racz, a special agent with the Federal Bureau of Investigations (FBI), was filed on Friday. The court filing revealed that Avraham Eisenberg was charged under two counts: Commodities Fraud and Commodities Manipulation.
Through a careful investigation, the special agent revealed that Eisenberg created a large perpetual future position based on the relative value of MNGO and USDC. The reports claimed that the market manipulation was done by funding two Mango Markets accounts and selling a large number of perpetual contracts.
After the events of the Mango Market scam, Eisenberg commented that all his actions were “legal open market actions.” Eisenberg further explained that a negotiation had taken place in order to return the funds of the users.
However, Eisenberg reminded the crypto Twitter space about how auto deleveraging functions. Eisenberg pinpointed out that Binance and Bitmex claw back some profits from profitable traders in order to ensure all users’ funds are protected.
The crypto community across the Twitter platform questioned Eisenberg’s unspeakable actions committed by him. Some users accused Eisenberg’s trading calling it a “crime.”
Finally, The arrest of Eisenberg bought back the hope of justice as many users were happy with this action.
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