Avraham Eisenberg's criminal trial set for December 4: Bloomberg

Quick Take

  • Avraham Eisenberg allegedly manipulated futures contracts to borrow $110 million of cryptocurrency.
  • Eisenberg faces up to 20 years in prison on wire fraud charges, and was also sued by the SEC and the CFTC.

Crypto trader Avraham Eisenberg's criminal trial over his involvement in the Mango Markets exploit in October 2022 has been set for December 4, according to Bloomberg.

The exploit saw $116 million taken from the DeFi protocol Mango Markets due to an oracle price manipulation attack. Following the attack, the exploiter agreed with the DAO to repay $67 million of the funds.

Shortly afterwards, Eisenberg stated that he was involved in a team that carried out the attack, arguing that it was a legal trade using the protocol as it was designed.

“I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are," he said, at the time.

The wire fraud charges carry sentences of up to 20 years in prison. Eisenberg was also sued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

This article was produced with the assistance of OpenAI's ChatGPT 3.5.

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