Mango Markets’ Alleged Exploiter Set to Face Trial in December for $116M Theft Accusation

Crypto User Avraham Eisenberg to Face Trial in December for Alleged $116M Theft from Mango Markets

Avraham Eisenberg, the individual accused of orchestrating a significant exploit on decentralized exchange Mango Markets, is set to stand trial in the United States on December 4th. The trial date was confirmed by Judge Richard Berman of the U.S. District Court for the Southern District of New York, as per court records filed on June 14th. Eisenberg stands accused of masterminding the exploit in October 2022, which resulted in the illicit acquisition of approximately $116 million worth of governance token MNGO, USD Coin (USDC) valued at $1.00, and Marinade Staked SOL (mSOL).

Eisenberg has entered a plea of not guilty to three criminal charges, including commodities fraud, commodity manipulation, and wire fraud, all related to the Mango Markets exploit. The platform had reported in October 2022 that Eisenberg had returned approximately $67 million of the stolen funds. At the time, Eisenberg claimed that his actions were legal and part of a highly lucrative trading strategy.

Both the legal team representing Eisenberg and the U.S. Attorney’s Office have until June 22nd to submit pretrial motions regarding the trial schedule. Additionally, Eisenberg is facing separate civil lawsuits filed by the Commodity Futures Trading Commission, Securities and Exchange Commission, and Mango Markets in January.

Since his arrest in Puerto Rico in December 2022 and subsequent transfer to Oklahoma, the alleged Mango Markets exploiter has remained relatively silent on his Twitter account. He has predominantly been held in U.S. custody since a February hearing in which he waived his right to bail.