Mango Markets Trader Avraham Eisenberg Waives Bail at NY Court Hearing
• Avraham Eisenberg, a crypto trader and alleged Mango Markets manipulator, is attempting to negotiate bail following his first hearing in New York.
• Eisenberg has admitted to draining $116 million from the crypto exchange and is being sued for $47 million.
• He is currently charged with commodities fraud, commodities manipulation, and wire fraud.
Avraham Eisenberg Attempts to Negotiate Bail
Avraham Eisenberg, a crypto trader and alleged Mango Markets manipulator, is attempting to negotiate bail following his first hearing in U.S. District Court in New York on Thursday. The 27-year-old will stay in jail until at least Feb. 14th while he attempts to resolve his legal issues.
Eisenberg Admits To Draining Crypto Exchange
In October of 2020, Eisenberg revealed himself as part of the group that exploited the Solana-based decentralized finance (DeFi) lending protocol Mango Markets for $114 million. After executing what he described as a “highly profitable trading strategy” he returned $67 million to preempt the Mango Markets decentralized autonomous organization (DAO) from suing him in civil court; however, he is still facing a lawsuit for the remaining $47 million dollars taken from the exchange.
Charges Faced By Eisenberg
Eisenberg was arrested December 26th and has been indicted on three criminal offenses including commodities fraud, commodities manipulation, and wire fraud.
McMillan LLP Partner Benjamin Bathgate Discusses Legal Developments
McMillan LLP Partner Benjamin Bathgate has commented on the legal developments since Eisenberg’s public admission of exploiting funds from the crypto exchange.
Eisenburg Remains In Jail Until At Least Feb 14th
Until further negotiation can take place regarding bail or other matters related to his case; Avraham Eisenburg remains in jail until at least Feb 14th while trying to resolve this issue through legal channels available to him