Did Avraham Eisenberg orchestrate an attack on Mango markets?

The U.S. Securities and Exchange Commission on Friday charged DeFi trader Avraham Eisenberg with orchestrating an attack on Mango Markets by manipulating the crypto trading platform’s MNGO token and draining $116 million in crypto assets. The SEC contends that MNGO is a security.

Who is Avraham Eisenberg?

The U.S. Securities and Exchange Commission charged Avraham Eisenberg, who is known as Mango Avi, with orchestrating an attack on Mango Markets and draining $116 million from the crypto trading platform. The SEC said Eisenberg manipulated the MNGO token, a governance token that the SEC said was offered and sold as a security.

Did Avraham Eisenberg orchestrate an attack on a crypto asset trading platform?

The Securities and Exchange Commission today charged Avraham Eisenberg with orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token, a so-called governance token that was offered and sold as a security.

Did Eisenberg use his Mngo perpetual futures position to drain crypto assets?

According to the complaint, Eisenberg used the increased value of his MNGO perpetual futures position to borrow and withdraw approximately $116 million worth of various crypto assets from Mango Markets, effectively draining all available assets from the Mango Markets platform.