3 months ago 1 min read

New Order of Detention Pending Trial has Issued for Mango Market Exploiter

mango market-avraham

Avraham Eisenberg, the abuser at Mango Markets, was given a detention order by the United States District Court for the District of Puerto Rico.

Federal authorities in Puerto Rico detained the Mango Markets exploiter Avraham Eisenberg (Avi) for utilizing the decentralized exchange unlawfully, and charges have been brought against him in the United States. District Court for New York's Southern District.

Eisenberg was charged with commodities fraud and commodities manipulation, according to the lawsuit.

Following a detention hearing, the United States District Court for the District of Puerto Rico issued a detention order for Avraham Eisenberg on January 4, 2023.

The government's evidence that no condition or combination of conditions of release will fairly ensure the defendant's appearance as necessary led to the decision that the defendant must be held awaiting trial.

The decision was also influenced by Eisenberg's extensive connections outside of the United States as well as the potential severity of his punishment if found guilty.

Eisenberg led a group that defrauded Mango Markets of $114 million in October by artificially inflating the value of MNGO, the exchange's proprietary cryptocurrency. Eisenberg was able to use the same mechanism to borrow additional tokens with larger market caps and more stable prices without having to pay them back by holding a sizeable position in MNGO and raising its price by 1,300%.

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