Source: dailyhodl.com
The U.S. Commodity Futures Trading Commission (CFTC) has filed market manipulation charges against the man behind the $100 million exploit of Mango Markets, a Solana (SOL)-based decentralized finance (DeFi) trading platform.
In a complaint filed on Monday, the CFTC argues that Avraham Eisenberg “engaged in a manipulative and deceptive scheme to artificially inflate the price of swaps offered by Mango Markets.”
Eisenberg was also arrested by the Department of Justice in Puerto Rico in late December on charges of commodities fraud and manipulation.
Mango Markets claimed in October that an attacker manipulated the price of its utility token, Mango (MNGO), upwards within minutes before borrowing and withdrawing crypto assets worth approximately $100 million.
Eisenberg, who runs a trading firm and describes himself as a “digital art dealer,” went public the following week, claiming he was the brains behind what he described as a “legal” exploit of Mango.
The trader argued he “was involved with a team that operated a highly profitable trading strategy.” The scheme left the decentralized exchange insolvent and users unable to access their funds.
The CFTC seeks civil monetary penalties against Eisenberg, as well as “remedial ancillary relief, including, but not limited to, trading bans, restitution, disgorgement, rescission, pre-and post-judgment interest and such other relief as the Court may deem necessary and appropriate.”
The regulator says Eisenberg’s possible violations include “use of a manipulative or deceptive device” and “manipulation and attempted manipulation of a swap.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Read More at dailyhodl.com