Crypto Trader Charged With $110 Million Mango Markets Scam

December 28, 2022

Story: Mohd Javed

The Justice Department has arrested Avraham Eisenberg in Puerto Rico for his exploit of decentralized exchange Mango Markets.

A cryptocurrency trader accused of rigging the Mango Markets exchange and attempting to steal $110 million

Avraham was charged with commodities fraud and commodities manipulation, the complaint shows.

“Due to Eisenberg’s withdrawals, other investors with deposits on Mango Markets lost much, or all, of those deposits,” the complaint said.

He allegedly used two Mango Markets accounts he controlled to manipulate the price of Mango perpetual swaps, which are futures that allow traders to keep positions open.

According to an affidavit, Avraham led a team to exploit Mango Markets in October for $114 million.

Avraham later agreed to return $67 million to Mango.