Mango Markets exploiter Avaraham Eisenberg moved to SBF's prison, trial delayed

Quick Take

  • The trial of Avraham Eisenberg, the alleged mastermind behind the exploit of Mango Markets which he later claimed was a “highly profitable trading strategy,” has been delayed from December to April. 
  • Eisenberg was transferred to the Metropolitan Detention Center, Brooklyn — the same prison where Sam Bankman-Fried is currently being held. 

The trial of alleged Mango Markets exploiter Avraham Eisenberg, originally scheduled for Dec. 4 of this year, has been postponed to April 8, 2024, court documents show

Eisenberg's lawyers asked for a postponement after their client was "unexpectedly transferred" from his prison in New Jersey to the Metropolitan Detention Center (MDC) in Brooklyn — the same prison where Sam Bankman-Fried has been held since his bail was revoked this August

Eisenberg's lawyers also argued that they need more time to prepare a defense due to the "complex and novel legal and factual issues" and the "voluminous" quantity of discovery produced by the government. Prosecutors, in opposing the motion, argued, "The defendant committed the charged offenses alone, on a single day, through a discrete set of financial transactions," and that the defense has had plenty of time to prepare. 

"Highly profitable trading strategy"


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Eisenberg has been charged by the Department of Justice, the SEC, and the CFTC in connection with his alleged $116 million exploit of Mango Markets, which he claimed at the time was simply a "highly profitable trading strategy." 

“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.

The wire fraud charges carry sentences of up to 20 years in prison.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].


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