SEC Charges Mango Markets Exploiter For Allegedly Stealing $116M In Crypto

The SEC has Accused Avraham Eisenberg of manipulating the Mango Markets platform by manipulating the MNGO token, which the company sold as a security.

The US Securities and Exchange Commission has followed the Commodity Futures Trading Commission and others in filing equal charges against the Crypto user allegedly behind a Multimillion-dollar exploit of decentralized exchange Mango Markets.

In a Jan. 20 notice, the SEC alleged Avraham Eisenberg manipulated Mango Markets’ MNGO governance token, allowing him to take generally $116 million worth of cryptocurrency from the platform. According to the complaint, Eisenberg allegedly executed a series of huge MNGO purchases to artificially raise the price of the Token relative to USD Coin, then, at that point, drained the assets from Mango Markets.

Eisenberg was involved in a plan to artificially inflate the price of the MNGO token, which was purchased and sold as a Crypto asset security. Afterward pull out 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,The SEC has a 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 accused Eisenberg of violations of the anti-fraud and market manipulation provisions of securities regulations. According to the financial regulator, it will look for “permanent injunctive help, a conduct-based injunction, disgorgement with prejudgment interest, and common penalties”.

The Authorities were arrested in Puerto Rico.According to the FBI’s complaint, he was involved in a scheme to manipulate the price of futures on the platform.

On January, the CFTC filed its own lawsuit.The market was accused of market manipulation.The only way to ensure his appearance was for a judge to order him to be held until his trial.Since his arrest, the Mango Markets exploiter has not posted to his account.