Postponement of Fraud Trial for Mango Markets Exploiter Accused of $116M Theft to April

Fraud Trial for Mango Markets Exploiter Postponed

The trial for Avraham Eisenberg, the individual behind the $116 million Mango Markets exploit, has been delayed until April 8, 2024. Eisenberg’s lawyers successfully requested a continuance, citing various circumstances that affected their trial preparations. The motion was granted by district court Judge Arun Subramanian on November 3. Despite confessing to his involvement in the exploit, Eisenberg pleaded not guilty to criminal charges related to commodities fraud, commodity manipulation, and wire fraud. His attorneys stated that they needed more time to review the discovery materials provided by prosecutors. Additionally, Eisenberg’s transfer to the Metropolitan Detention Center hindered their preparation.

Prosecutors Contest Continuance Motion

United States prosecutors opposed the motion for a continuance but were unsuccessful. Judge Subramanian also instructed both parties to submit a revised schedule for pretrial motions and submissions by November 7.

Eisenberg’s Confession and Lawsuit

Eisenberg publicly confessed to the Mango Markets exploit on October 15, 2022, claiming it was legal. Initially, he returned $67 million to Mango Markets’ decentralized autonomous organization as part of a bounty agreement. However, Mango Markets later filed a lawsuit against Eisenberg, seeking $47 million in damages plus interest.

Hot Take: Delayed Fraud Trial for Mango Markets Exploiter

The fraud trial of Avraham Eisenberg, responsible for the $116 million Mango Markets exploit, has been postponed until April 8, 2024. Eisenberg’s lawyers successfully obtained a continuance due to various factors affecting trial preparations. Despite confessing his involvement in the exploit, Eisenberg pleaded not guilty to criminal charges. The delay was granted to allow Eisenberg’s legal team more time to review the discovery materials provided by prosecutors. Prosecutors contested the motion for a continuance but were unsuccessful. Eisenberg’s transfer to the Metropolitan Detention Center further disrupted his lawyers’ preparation. The delay prolongs the legal process surrounding the Mango Markets exploit.