SEC Charges Avraham Eisenberg For Behind $116 Million Mango Markets Attack
Key Points:
- Avraham Eisenberg was charged by the SEC because the American securities regulator said Eisenberg had stolen $116 million from Mango Markets.
- The MNGO token, a governance token that the agency said was issued and sold as security was controlled by Eisenberg.
Avraham Eisenberg was accused by the U.S. Securities and Exchange Commission of planning an attack on Solana-backed Mango Markets that resulted in the theft of $116 million from the cryptocurrency trading platform.
Eisenberg, a citizen of the United States, will be sent to New York to face the numerous criminal and civil allegations brought against him after being detained there in December. The MNGO token, a governance token that the SEC said was marketed and sold as a security, was manipulated by Eisenberg, according to the agency.
Eisenberg allegedly violated a number of federal securities laws, including several anti-fraud and anti-market manipulation rules, according to the petition.
As was previously Coincu’s report, Eisenberg is also under investigation by the Justice Department and the Commodity Futures Trading Commission.
The agency stated in a statement that investigations into further suspected breaches of securities laws, as well as other organizations and people connected to the alleged misbehavior, are still underway. According to the complaint, Mango Markets is not operating.
Eisenberg started a conspiracy to steal around $116 million worth of cryptocurrency from the Mango Markets platform on October 11, 2022. In order to exchange a significant quantity of crypto derivatives for MNGO tokens, he reportedly utilized a Mango Markets account under his control and a different account to purchase the same derivatives.
Eisenberg thereafter made a number of big purchases of the seldom traded MNGO token to artificially boost its price in comparison to the cryptocurrency USD Coin, the agency claimed.
On Twitter in October of last year, he boasted about the initial attack and called it a “highly profitable trading strategy.” The tactic, he claimed, was carried out by a group of users, and it briefly put Mango Markets out of company.
Under the leadership of current Chair Gary Gensler, who has stated his belief that almost all crypto assets qualify as securities, the SEC has increased its examination of the cryptocurrency market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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SEC Charges Avraham Eisenberg For Behind $116 Million Mango Markets Attack
Key Points:
- Avraham Eisenberg was charged by the SEC because the American securities regulator said Eisenberg had stolen $116 million from Mango Markets.
- The MNGO token, a governance token that the agency said was issued and sold as security was controlled by Eisenberg.
Avraham Eisenberg was accused by the U.S. Securities and Exchange Commission of planning an attack on Solana-backed Mango Markets that resulted in the theft of $116 million from the cryptocurrency trading platform.
Eisenberg, a citizen of the United States, will be sent to New York to face the numerous criminal and civil allegations brought against him after being detained there in December. The MNGO token, a governance token that the SEC said was marketed and sold as a security, was manipulated by Eisenberg, according to the agency.
Eisenberg allegedly violated a number of federal securities laws, including several anti-fraud and anti-market manipulation rules, according to the petition.
As was previously Coincu’s report, Eisenberg is also under investigation by the Justice Department and the Commodity Futures Trading Commission.
The agency stated in a statement that investigations into further suspected breaches of securities laws, as well as other organizations and people connected to the alleged misbehavior, are still underway. According to the complaint, Mango Markets is not operating.
Eisenberg started a conspiracy to steal around $116 million worth of cryptocurrency from the Mango Markets platform on October 11, 2022. In order to exchange a significant quantity of crypto derivatives for MNGO tokens, he reportedly utilized a Mango Markets account under his control and a different account to purchase the same derivatives.
Eisenberg thereafter made a number of big purchases of the seldom traded MNGO token to artificially boost its price in comparison to the cryptocurrency USD Coin, the agency claimed.
On Twitter in October of last year, he boasted about the initial attack and called it a “highly profitable trading strategy.” The tactic, he claimed, was carried out by a group of users, and it briefly put Mango Markets out of company.
Under the leadership of current Chair Gary Gensler, who has stated his belief that almost all crypto assets qualify as securities, the SEC has increased its examination of the cryptocurrency market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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