Eisenberg publicly stating he believed his actions had been legal as part of a “highly profitable trading strategy” but the SEC and the CFTC disagree.
The United States Securities and Exchange Commission has followed the Commodity Futures Trading Commission and others in filing parallel charges against the crypto user allegedly behind a multimillion-dollar exploit of decentralized exchange Mango Markets.Avraham Eisenberg manipulated Mango Markets’ MNGO governance token, allowing him to steal roughly $116 million worth of cryptocurrency from the platform.
“Eisenberg engaged in a manipulative and deceptive scheme to artificially inflate the price of the MNGO token, which was purchased and sold as a crypto asset security, in order to borrow and then withdraw nearly all available assets from Mango Markets, which left the platform at a deficit when the security price returned to its pre-manipulation level,” said David Hirsch, head of the SEC’s Crypto Assets and Cyber Unit.
The SEC, with assistance from the U.S. Attorney’s Office for the Southern District of New York, the FBI, and the CFTC, has charged Eisenberg with violations of the anti-fraud and market manipulation provisions of securities laws. According to the financial regulator, it will be seeking “permanent injunctive relief, a conduct-based injunction, disgorgement with prejudgment interest, and civil penalties”.
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