He was found guilty of exploitation of the mango market after a jury trial

A jury has found Avraham “Avi” Eisenberg, the crypto user who exploited decentralized exchange Mango Market for $110 million, guilty of fraud and market manipulation.

In an April 18 verdict in the United States District Court for the Southern District of New York, a jury found Eisenberg guilty of wire fraud, securities fraud and securities fraud. The decision followed hours of deliberations after closing arguments on April 17.

During the two-week trial, Eisenberg's legal team contended that it did not commit any crime but developed a “successful and legitimate business strategy” that generated about $110 million from the mango market. It returned about $67 million after the exploit, but retained more than $40 million in a management vote by the community. Prosecutors argued that Eisenberg's actions constituted fraud.

It's unclear when Judge Richard Berman will rule on sentencing Eisenberg, who now faces up to 20 years in prison. After his actions at mango markets in October 2022, Eisenberg was arrested in Puerto Rico in December and held in a US prison since January 2023.

With the verdict in the criminal trial, Eisenberg could face civil enforcement actions brought by the US Securities and Exchange Commission and the Commodity Futures Trading Commission in 2023. matter

Related: Mango Market Says Exploitative Practices Are ‘Legal', But Were They?

US authorities have several criminal charges pending against high-profile individuals in the crypto space. In March, a judge sentenced former FTX CEO Sam Bankman-Fried to 25 years in prison on seven felony charges, although his lawyers announced they intended to appeal. Former Binance CEO Changpeng Zhao is scheduled to be sentenced on April 30 after pleading guilty to a felony charge.

Magazine: ‘A Little Shiny' Mashinsky Serves Less Jail Time Than SBF: Inner City Press, X Hall of Flame