A self-described digital artist by the name of Avraham Eisenberg was indicted on two counts of market manipulation in connection with an exploitation of a decentralized financial platform known as Mango Markets on January 9, 2019, when the Trade Commission United States Commodity Futures (CFTC) filed a lawsuit against him. The lawsuit was filed on January 9, 2019.

After being arrested on December 27 on suspicion of involvement in the crimes related to the investigation, Eisenberg was transported to jail that day.

The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Eisenberg, alleging that he engaged in a fraudulent and deceptive scheme to artificially inflate the price of swaps made available by Mango Markets, ultimately leading to the theft of over $100 million. platform dollars in October. The lawsuit alleges that Eisenberg artificially inflated the price of the swaps made available by Mango Markets.

Eisenberg completed a transaction on Mango Markets that amounted to more than 400 million MNGO-USDC swaps with a position size of around $19 million. After that, Eisenberg made substantial purchases of Mango’s MNGO token on the three exchanges that serve as oracles for Mango.

As a consequence of this, the price of MNGO went up and Eisenberg borrowed digital assets from Mango Markets for a total value of around $144 million at the new higher price.

The MNGO price fell, causing Mango Markets to run out of liquid assets.

Eisenberg claimed in a tweet on October 15 that he was the one who took advantage of the Mango Markets system, but insisted that what he did was not illegal and that he was within his rights to do so.

After Eisenberg previously submitted a covert request for a bug bounty of $70 million in coins, which is equivalent to $70 million, this event took place as a result of it.

Members of the Mango Markets community came to the conclusion that it would be in everyone’s best interest to drop all criminal proceedings against him and instead let him keep $47 million.

Separately, Eisenberg was arrested on December 27 by the United States Department of Justice, which then proceeded to charge him with one count of commodity fraud and one count of commodity tampering.

The Commodity Futures Trading Commission (CFTC) claims that the person in question violated a number of commission policies in addition to the Commodity Exchange Act.