Avi Eisenberg faces trial next month for exploiting mango market

A Mango Market thief is expected to go on trial next month on charges of stealing $100 million. However, victim platforms are also under severe regulatory pressure.

A post on the Mango Market Discord says the company is facing “inquiries” in the United States. The inquiry is based entirely on a 2022 hack that cost hundreds of millions of dollars.

However, MangoDAO is currently voting to recruit a representative who can help ease US regulatory pressure on behalf of Mango Market.

Before the massive fundraise, Mango Market was in the spotlight for its features and services, but the hack eroded its popularity. Dozens of reports highlight Avi’s use of illegal methods and tactics to steal millions of dollars from decentralized exchanges.

While several other projects based on Solana-based blockchains are on the horizon, Mango Market is stuck in legal action.

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission filed a lawsuit against the company in 2023.

Mango Market Hacking Explained

On October 12, 2022, Mango Market reported that it had been hacked. Hackers succeeded in manipulating oracle prices and exchanging liquidity. The cyberattack appears to have caused approximately $100 million in damage.

The hackers sponsored economic exploitation by depositing approximately 5.5 million USDC into the account. They then traded the MNGO tokens and used them to stop an ongoing futures contract.

As a result, the value of the MNGO increased, allowing hackers to seize Mango Treasury Loans and siphon off liquidity before the company collapsed.

Cryptocurrency Market Overview

In the last 24 hours, Bitcoin fell below $42,000. However, at the time of writing, it is trading at $43,899.52. However, BTC’s trading volume did not improve, showing a 37.32% decrease.

Over the past seven days, BTC has grown by more than 4.26%, and the Bitcoin market capitalization has also shown significant improvement over the past few days. Based on the monthly period, the market leader’s highest transaction price was over $45,000.

It is important to note that Mango Market’s governance token, MNGO, is trading at $0.01943. It is trading near its lows. The token’s all-time high was $0.5102.

Besides Bitcoin and Mango Market governance tokens, several other tokens have seen significant growth since day one of 2024.

disclaimer

The views and opinions expressed by the author or people mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies or stocks carries the risk of financial loss.

Steve Anderson is an Australian cryptocurrency enthusiast. He has been an expert in management and trading for over 5 years. Steve has worked as a cryptocurrency trader, and he loves learning about decentralization and understanding the true potential of blockchain.