On April 9, the two-week trial of Abraham Eisenberg, who is accused of hacking the decentralized exchange Mango Markets, begins in the United States.
The Mango Markets platform, which runs on the Solana network, was hacked in October 2022. Hackers managed to withdraw assets worth $116 million, but then law enforcement authorities linked the hack to Avraham Eisenberg (Avraham Eisenberg )and arrested him in Puerto Rico. He is accused of fraud, but Eisenberg himself claims that he and his team did not hack Mango Markets, but only used a "highly profitable trading strategy."
As part of the "strategy", Eisenberg artificially "inflated" the capitalization of his own Mango platform token by manipulating the price oracle, and then used these tokens to receive cryptocurrency loans worth about $116 million. However, when the value of the token returned to the market, the platform became insolvent. At the same time, the hacker later returned about $67 million to Mango Markets developers.
Initially, the trial was supposed to take place in December 2023, but was postponed at the request of the defense. Azeinberg is charged with electronic fraud and could face up to 20 years in prison.
The Mango Markets platform, which runs on the Solana network, was hacked in October 2022. Hackers managed to withdraw assets worth $116 million, but then law enforcement authorities linked the hack to Avraham Eisenberg (Avraham Eisenberg )and arrested him in Puerto Rico. He is accused of fraud, but Eisenberg himself claims that he and his team did not hack Mango Markets, but only used a "highly profitable trading strategy."
As part of the "strategy", Eisenberg artificially "inflated" the capitalization of his own Mango platform token by manipulating the price oracle, and then used these tokens to receive cryptocurrency loans worth about $116 million. However, when the value of the token returned to the market, the platform became insolvent. At the same time, the hacker later returned about $67 million to Mango Markets developers.
Initially, the trial was supposed to take place in December 2023, but was postponed at the request of the defense. Azeinberg is charged with electronic fraud and could face up to 20 years in prison.
