{"id":195551,"date":"2023-11-04T07:39:58","date_gmt":"2023-11-04T07:39:58","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195551"},"modified":"2023-11-04T07:39:58","modified_gmt":"2023-11-04T07:39:58","slug":"fraud-trial-of-mango-markets-exploiter-behind-alleged-116m-theft-pushed-to-april","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/fraud-trial-of-mango-markets-exploiter-behind-alleged-116m-theft-pushed-to-april\/","title":{"rendered":"Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April"},"content":{"rendered":"<p>Lawyers representing the $116 million Mango Markets exploiter have convinced a judge to postpone the fraud trial until April 8, 2023.<\/p>\n<p>Avraham Eisenberg\u2019s fraud trial was set to commence on Dec. 4 but several circumstances impacted his trial preparations, according to his lawyers, who filed a successful motion for a continuance to District Court Judge Arun Subramanian on Nov. 2.<\/p>\n<p>\u201cAs discussed in today\u2019s conference, the motion for continuance is GRANTED. Trial in this case will begin on April 8, 2024,\u201d Subramanian stated in a Nov. 3 court filing. <\/p>\n<p>U.S. prosecutors contested the motion for continuance but were unsuccessful. Subramanian also ordered United States prosecutors and Eisenberg&#8217;s lawyers to submit a revised schedule for pretrial motions and submissions by Nov. 7.<\/p>\n<p>Despite confessing his involvement in the Mango Markets exploit, Eisenberg plead not guilty to three criminal counts for commodities fraud, commodity manipulation and wire fraud in June.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/bb98408e-219f-4f2e-90f4-b1044c5f475b.png\"><\/p>\n<p>In the motion, Eisenberg\u2019s attorneys said they needed more time to sift through discovery materials submitted by U.S. prosecutors.<\/p>\n<blockquote><p>\u201cThe government has produced voluminous discovery in this case on a rolling basis [&#8230;] which the defense is still analyzing and conferring with the client about.\u201d<\/p><\/blockquote>\n<p>The lawyers added that they lost time to prepare with Eisenberg when he was \u201cunexpectedly\u201d transferred to the Metropolitan Detention Center (MDC) in Brooklyn on Oct. 26. <\/p>\n<p>Eisenberg wasn\u2019t permitted to transfer the discovery materials, which he annotated along with other legal paperwork relevant to the trial.<\/p>\n<p>\u201cThe move to the MDC has already, and will continue to, severely inhibit defense counsel\u2019s access to Mr. Eisenberg,\u201d the lawyers added.<\/p>\n<p>MCD is the prison which former FTX CEO Sam Bankman-Fried returned to after he was convicted on all seven fraud-related charges on Nov. 2.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How low liquidity led to Mango Markets losing over $116 million<\/em><\/strong><\/p>\n<p>The Securities and Exchange Commission also charged Eisenberg on Jan. 20, alleging that he manipulated the Mango Markets governance token, MNGO, by taking out \u201cmassive loans\u201d against its inflated collateral and draining Mango\u2019s treasury of around $116 million.<\/p>\n<p>It followed Eisenberg\u2019s arrest in Puerto Rico about three weeks earlier on Dec. 27.<\/p>\n<p>Eisenberg publicly confessed to the exploit on Oct. 15, 2022, arguing that his actions were completely legal. He initially sent back $67 million to Mango Markets&#8217; decentralized autonomous organization as part of a bounty deal. However the team behind Mango Markets later sued Eisenberg for $47 million in damages plus interest.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Should crypto projects ever negotiate with hackers? Probably<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/fraud-trial-of-mango-markets-exploiter-postponed-to-april\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawyers representing the $116 million Mango Markets exploiter have convinced a judge to postpone the&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/fraud-trial-of-mango-markets-exploiter-behind-alleged-116m-theft-pushed-to-april\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April - 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