Arthur

Million

Mango

Gains

<div class="insidebitcoins">
 Crypto trader Avi Eisenberg’s criminal fraud trial after he crippled the decentralized Mango Markets in October 2022 will be the first prosecution of its kind in the decentralized finance (DeFi) sector.
 Eisenberg is accused of illegally gaming the once popular Solana-based platform through what he’s called merely a “highly-profitable trading strategy.” 
 He managed to manipulate the price of the platform’s native MNGO token before effectively borrowing all of Mango’s deposits against his position. This resulted in the trader walking away with $110 million worth of crypto that other users on the platform had deposited.
 Eisenberg later went on to return some of the crypto in exchange for the promise that Mango’s users would not seek his prosecution, but the platform’s supporters did not keep their promise as the trial against him is set to start on Apr. 9.<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="Introducing: Mango Markets. This article has been translated here | by Nick Feeney | Mango Markets | Medium" data-lazy-src="https://cdn.thebittimes.com/images/2024/04/09/8c133b61a749f19f921dad874d9b8ed7.webp">
 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/04/09/8c133b61a749f19f921dad874d9b8ed7.webp" alt="Introducing: Mango Markets. This article has been translated here | by Nick Feeney | Mango Markets | Medium">
 </noscript>
 <h2 id="span-style-font-weight-400-negotiations-with-mango-markets-might-been-seen-as-a-hostage-situation-span">Negotiations With Mango Markets Might Been Seen As A Hostage Situation</h2>
 Mango’s founder Dafydd Durairaj supposedly spoke with a ransomware negotiator for assistance in the wake of the trade, prosecutors said in court on Apr. 8. If this is true, it could suggest that the founder viewed the negotiations as a hostage situation and not an “arms-length” deal, argued the prosecutors.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation.
 We are taking steps to have third parties freeze funds in flight. 1/
 — Mango (@mangomarkets) October 11, 2022
 </blockquote>
 
 Judge Arun Subramanian told the government to not bring up the ransomware negotiator to mitigate the risk of jurors getting pushed in a direction early on in the case. However, if Eisenberg’s defense argues that the negotiations were in fact arm’s length, then prosecutors are free to mention it, said the judge.
 <h2 id="span-style-font-weight-400-a-first-for-federal-prosecutors-span">A First For Federal Prosecutors</h2>
 Prosecutors then sparred with Eisenberg’s defense team over the word “manipulation.” More specifically, they analyzed its presence in online terms-of-service documents and how witnesses may potentially use the word. 
 Phrasing on Mango Markets that mentioned what traders were “obliged” to do was also put under spotlight. The parties argued over whether this word was legally binding or only referred to the outcomes of certain transactions on a smart contract.
 These arguments over trivial jargon and phrasing could warn of the complexities in the case, and will most likely test the government’s latest strategy of presenting complicated crypto trading strategies as simple fraud cases. 
 <h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
 <ul>
 <li style="font-weight: 400;">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!</li>
 <li style="font-weight: 400;">Arthur Hayes Says Crypto Assets Face A “Raging Firesale” Around The Bitcoin Halving As Fed Uses “Bag of Tricks” To Bail Out Banks</li>
 <li style="font-weight: 400;">Bitcoin Price Prediction: BTC Gains 2% As Arthur Hayes Warns Of A “Raging Firesale” Of Crypto Assets Post Halving And This 2.0 ICO Looks To 100X Again</li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/avi-eisenberg-trial-for-110-million-fraud-in-mango-markets-case-to-start-tbt84937.html">https://thebittimes.com/avi-eisenberg-trial-for-110-million-fraud-in-mango-markets-case-to-start-tbt84937.html</a>
</div>

Avi Eisenberg Trial For $110 Million Fraud In Mango Markets Case To Start

Mục lục

TheBitTimes

Các bài viết khác được xuất bản trên 9 thg 4, 2024

Rep. McHenry hopes digital asset bill passage will be his ‘biggest win’

Ethena’s USDe: A “Cash and Carry” Trade, Not Another UST

Current Bitcoin Value: Today’s Price Insights Revealed

Options Traders Gear Up for Bitcoin Halving: Bullish Bets Prevail

Algotech (ALGT) presale primed for surge! Dogecoin (DOGE) eyes $2, Shiba Inu (SHIB) crashes 9.52%

A Presidential Disaster: Trump MAGA Coin Crashes 60% In Crypto Catastrophe

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!