Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters

cryptonews.com:

The Mango Markets hacker, Avraham Eisenberg, was found guilty on Thursday in a Manhattan federal court for orchestrating a scheme that resulted in the theft of approximately $110 million from the Solana-based DeFi platform.

Prosecutors argued that Eisenberg orchestrated a complex scheme to exploit the platform, leading to substantial financial losses. Eisenberg, who has been in custody since January 2023, could face a maximum sentence of 20 years in prison.

As reported by Reuters, On April 18, a federal jury in New York found Eisenberg guilty of commodities fraud, commodities manipulation, and wire fraud in connection with the exploit, which involved manipulating Mango Markets’ native token, $MNGO.

The decision followed hours of deliberations after closing arguments on April 17.

Trader convicted of Mango Markets fraud in first US crypto manipulation case https://t.co/6nBaMGNZGQ pic.twitter.com/ywsFEj73B8

— Reuters (@Reuters) April 19, 2024

The trial began on April 9 and lasted a little over a week. Eisenberg  was arrested  in December 2022 in Puerto Rico, with prosecutors charging him with commodities fraud, market manipulation, and wire fraud.

During the closing arguments on April 17, Eisenberg’s legal team contended that he had not committed any criminal acts but rather orchestrated a “successful and legal trading strategy,” resulting in approximately $110 million in gains.

In contrast, prosecutors argued that Eisenberg “had to lie” to facilitate the withdrawal of funds from Mango Markets, suggesting fraudulent intent.

Eisenberg's lawyer: Ladies and gentlemen, Avraham Eisenberg did not commit any crimes. He engaged in a successful and legal trading strategy. He put his own money at risk. They talked about a con man.