Summary
TLDR: Crypto trader Avraham Eisenberg was convicted for manipulating Mango Markets to extract over $100 million. He was found guilty of commodities fraud, wire fraud, and commodities manipulation. Eisenberg’s defense claimed he was running from threats, while the government argued he knowingly committed crimes. Defense focused on Mango Markets’ decentralized structure, while government emphasized evidence of illegal borrowing.
Key Points
1. Crypto trader Avraham Eisenberg was convicted of commodities fraud, wire fraud, and commodities manipulation in relation to trades he made in October 2022, extracting over $100 million from Mango Markets.
2. Eisenberg was arrested in Puerto Rico in December 2022 after allegedly manipulating Mango Market futures contracts and pumping the price of swaps by 1,000%, then fleeing to Israel. His defense team claims he was running due to threats received following his trades.
3. The trial lasted one week, with the jury finding Eisenberg guilty on all three counts after deliberating for a day. The defense focused on the decentralized structure of Mango Markets, while the government argued that Eisenberg was knowingly committing crimes by manipulating the market.