United

April

Million

Mango

Safety

The trial of Avraham Eisenberg, the individual accused of exploiting Mango Markets for $116 million, has been postponed until April 8, 2023.
Originally scheduled for December 4, the trial delay was granted by district court Judge Arun Subramanian on November 3, following a successful motion for a continuance filed by Eisenberg’s legal team.
Eisenberg’s attorneys cited various factors that affected their trial preparations, leading to the motion for a continuance. Judge Subramanian approved the motion despite opposition from United States prosecutors.
Additionally, he ordered both the prosecutors and Eisenberg’s lawyers to submit a revised schedule for pretrial motions and submissions by November 7.
Eisenberg, who confessed to his involvement in the Mango Markets exploit, pleaded not guilty to three criminal counts, including commodities fraud, commodity manipulation, and wire fraud in June.
The defense explained in their motion that they required additional time to review the extensive discovery materials provided by U.S. prosecutors, which they received on a rolling basis.
They also pointed out that they had lost valuable preparation time when Eisenberg was unexpectedly transferred to the Metropolitan Detention Center (MDC) in Brooklyn on October 26.
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Due to the transfer, Eisenberg was unable to access the discovery materials and other essential legal paperwork related to the trial.
The defense attorneys expressed concerns that the move to MDC would severely hinder their access to Mr. Eisenberg, making it challenging to consult with their client effectively.
The MDC was the same facility where former FTX CEO Sam Bankman-Fried had returned after being convicted on seven fraud-related charges on November 2.
Eisenberg faced additional charges from the Securities and Exchange Commission on January 20, accusing him of manipulating the Mango Markets governance token, MNGO, by obtaining “massive loans” against inflated collateral and depleting Mango’s treasury of approximately $116 million. Eisenberg was arrested in Puerto Rico on December 27.
Eisenberg had publicly confessed to the exploit on October 15, 2022, maintaining that his actions were legally sound.
He initially returned $67 million to Mango Markets’ decentralized autonomous organization as part of a bounty agreement.
However, the Mango Markets team later filed a lawsuit against Eisenberg, seeking $47 million in damages plus interest.
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Fraud Trial for $116 Million Mango Markets Exploiter Delayed Until April 2023

Crypto Intelligence

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