Source: blockchain.news
Avraham Eisenberg, the software coder and cryptocurrency trader behind the $100 million Mango Markets exploit, believe that “profitable traders” like him attract a lot of jealousy and hate from other cryptocurrency traders.
In an interview on the Unchained Podcast on Friday, Eisenberg argued that the public is naturally inclined to hate and criticize those who execute profitable arbitrages.
During the interview, Eisenberg described profitable traders like himself as people who identify exploitable bugs in code, alert the crypto platforms in question, and make billions from their discovery.
“I think when there is a profitable trader, it will attract some jealousy and some hate, and if you look at some of the things people are saying about Sam, he has obviously made billions of dollars from various other profitable trades. He has a lot of hate,” he said.
When asked about his opinion on traders like him revealing certain cyber risks faced by financial services firms, Eisenberg said “it’s okay for them to own their identity as members of the crypto community already hate them.” “.
Eisenberg’s statement is true, as successful traders always attract many people, some of whom may be very jealous people by nature.
But his actions are strange. Earlier this month, he revealed himself to be one of the hackers behind decentralized crypto exchange Mango Markets’ recent $114 million exploit, returning $67 million while he defended his actions as an innocent “highly profitable business strategy.”
On Tuesday, October 11, the DeFi trading platform Mango Market lost around $114 million as a result of the attacker buying a large number of MNGO tokens, the native digital currency of Mango Market, which allowed him to manipulate the price of the token.
The exploiter then cashed out once the value of the coin tripled, depleting all liquidity on the exchange and leaving customers unable to reach funds.
The hacker, who identified himself as Avraham Eisenberg, is unapologetic, describing the theft as a “highly profitable business strategy” enabled by Mango’s code, as the Mango developers did not foresee such behavior. It’s as if Eisenberg found a new way to drain millions of dollars from online banking.
Four days after the attack, Eisenberg publicly acknowledged his role in the exploit through the Twitter platform. He described all of his and his team’s actions as open market legal actions, using the protocol as designed, even if the development team did not “fully anticipate all the consequences of setting the parameters the way they were.” are”.
Although Mango token holders were not satisfied with Eisenberg’s view of the situation, they voted to allow him to walk away with $47 million to pay back the rest of $67 million, which appears to have been enough to prevent Mango Market from falling into bankruptcy.
Four days later, Eisenberg revealed that he created and subsequently razed a “shit coin,” called Mango Inu, thereby extracting $250,000 from crypto bots in half an hour. He reaffirmed that he “didn’t do anything wrong.”
Like the Mango Markets exploit, users in the Twitter crypto community questioned the morality and legality of the entire action, but Eisenberg argued that he had not broken any laws. His general idea was that he wanted to teach the development team that operates such bots a lesson not to trust every emerging project.
Cryptocurrency trading platform Mango Market and shitcoin operation became the latest victim in the series of attacks that have recently targeted DeFi protocols, which have lost nearly $900 million since mid-September, according to analytics data from blockchain.
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