cryptopolitan.com
Decentralized exchange Mango Markets exploiter Avraham ‘Avi’ Eisenberg’s case is set for jury deliberations. According to Inner City Press the jury have begun discussions concerning the exploiter who is being accused of manipulation and fraud. Eisenberg was slammed with the charges following an exploit where he allegedly made about $110 million from the DEX.
Mango Markets exploiter awaits fate
In the ongoing case, the legal counsel representing both the prosecutor and defense gave their closing arguments. After the arguments, the United States District Court of New York Judge Richard Berman excused the jury for the day.
OK – now crypto trial of US v. Avi Eisenberg on Mango Markets exploit, defense closing argument, Inner City Press has been covering the case and trial and will live tweet, thread below pic.twitter.com/dMQfvjrd2e
— Inner City Press (@innercitypress) April 17, 2024
The jury will reconvene tomorrow for deliberations on whether the accused is guilty of commodities fraud and manipulation or not as the trial enters its second week.
According to the indictment, Eisenberg made several large purchases on Mango Markets in October 2023. These purchases aimed to artificially inflate the price of the token and withdraw the asset from the platform. United States authorities arrested Eisenberg in Puerto Rico in December 2022 saying that he knowingly manipulated the price of perpetual futures on the platform.
Potential outcome and pending civil cases
In the closing arguments made in the court, the legal counsel of the defendant noted that everything their client did was legal. Einsenberg’s lawyers claimed that he carried out a very successful trade, netting a profit of about $110 million. However, the prosecutors argued that they did not feel the same way. They argued that he lied to withdraw funds from the platform, noting that this was because his plan from the onset was to carry out fraud.
His lawyer claimed that Eisenberg complied with the rules of the smart contract on the platform. He claimed that the defendant removed his capital from Mango Markets. However, he claimed that Eisenberg returned part of the funds to the tune of $67 million. He noted that the defendant did not commit any crime as he did not hack his way onto the platform. Eisenberg claimed that the rest of the funds were obtained legally.
With all sights set on the jury, a decision is expected to come as early as April 18 with reports noting that Eisenberg could go to jail for up to 20 years if he is found guilty. He has been in custody since the beginning of 2023. Aside from this trial, there is a pending civil case against him by the Securities and Exchange Commission (SEC) and Commodities Futures and Trading Commission (CFTC).