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Top related persons:
Avraham Eisenberg - 1 Prosecutors - 1 Eisenberg - 1
Top related locs:
York Puerto Rico Department of Justice's San Juan
Top related orgs:
Department of - 1 Mango Markets - 1 Manhattan U.S - 1 Attorney's - 1

Search resuls for: "Mango Markets"


4 mentions found


☆ New York jury convicts man in first-ever cryptocurrency market manipulation case
  + stars: | 2024-04-18 | by ( Dan Mangan | ) www.cnbc.com   time to read: +1 min
A New York federal jury on Thursday convicted a Puerto Rico man of a $110 million scheme that was the Department of Justice's first-ever cryptocurrency open-market manipulation case, prosecutors said. The man, 28-year-old Avraham Eisenberg of San Juan, faces a maximum possible sentence of 20 years in prison for the charges of wire fraud, commodities fraud, and commodities manipulation. Prosecutors said Eisenberg fraudulently obtained about $110 million worth of cryptocurrency from the Mango Markets exchange and its customers by artificially and dramatically driving up the price of both futures contracts and the MNGO crypto token, and then borrowing cryptocurrency based on the value of the inflated assets. "When Eisenberg borrowed and withdrew this cryptocurrency, he had no intention of repaying the borrowed funds but rather intended to steal those funds," the Manhattan U.S. Attorney's Office said in a statement when he was indicted in February 2023.
Persons: Avraham Eisenberg, Prosecutors, Eisenberg Organizations: Department of, Mango Markets, Manhattan U.S, Attorney's Locations: York, Puerto Rico, Department of Justice's, San Juan
☆ A Trader Says Code Allowed Him to Withdraw Millions From a Crypto Exchange. Prosecutors Say He Crossed a Line.
  + stars: | 2023-02-21 | by ( Justin Baer | ) www.wsj.com   time to read: 1 min
Federal authorities arrested Avraham Eisenberg in Puerto Rico in December, accusing the 27-year-old trader of manipulating prices on a crypto exchange called Mango Markets and draining more than $100 million from the platform. Mango Markets all but collapsed after Mr. Eisenberg withdrew the money on a single day in October, authorities said. Mr. Eisenberg had defended his actions, saying he did only what Mango’s software code made possible.
☆ Trader Is Charged in Alleged $110 Million Crypto Manipulation Scheme
  + stars: | 2023-02-02 | by ( Mengqi Sun | ) www.wsj.com   time to read: +3 min
He faces charges of commodities fraud, commodities market manipulation and wire fraud in connection with what prosecutors said was manipulation of Mango Markets. Mr. Eisenberg remained in police custody on Thursday and will be arraigned Feb. 14, when he would be asked to enter a plea. PREVIEWThe Securities and Exchange Commission and the Commodity Futures Trading Commission filed parallel civil charges against Mr. Eisenberg last month. The CFTC, which regulates derivatives markets, said the enforcement action against Mr. Eisenberg was the first of its kind against an alleged manipulation scheme involving a decentralized exchange. He allegedly artificially pumped up the price of MNGO on three different digital asset exchanges that Mango Markets used to determine the value of the derivative contracts.
☆ U.S. charges fraud in Mango crypto manipulation case
  + stars: | 2022-12-27 | by ( Jonathan Stempel | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com   time to read: +2 min
NEW YORK, Dec 27 (Reuters) - U.S. prosecutors have filed criminal charges of commodities fraud and manipulation against a man accused of trying to steal about $110 million in October by rigging the Mango Markets cryptocurrency exchange. Eisenberg was arrested on Monday night in Puerto Rico, U.S. Attorney Damian Williams in Manhattan said in a court filing. Mango is a decentralized cryptocurrency exchange run by Mango DAO that lets investors lend, borrow, swap, and use leverage to trade cryptocurrency assets. Mango soon began negotiations with Eisenberg and reached a settlement to recoup $67 million. The case is U.S. v. Eisenberg, U.S. District Court, Southern District of New York, No.
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