Summary:
- Mango Markets wants $47 million in damages from exploiter Avraham Eisenberg following his attack on the Solana-based exchange.
- Eisenberg stole $110 million worth of crypto from the trading venue on October 11.
- The arrested hacker later returned $67 million and claimed that the incident was not a hack, but a “highly profitable trading strategy”.
Mango Market is suing Avraham Eisenberg for $47 million after Eisenberg stole $110 million in cryptocurrencies from the platform back in October 2022. Court filings submitted in the Southern District of New York on Wednesday revealed that the DeFi trading venue is seeking damages following the debacle from last year.&
Initially, the decentralized exchange which runs atop Solana’s blockchain offered Eisenberg and his team $47 million as a bug bounty. The offer was based on the condition that Eisenberg returns $67 million in stolen digital assets which he did.&
Now, Mango Markets seeks to reclaim the remainder of Avraham’s stolen loot in damages.
Eisenberg admitted to being involved in the incident but claimed he executed “a highly profitable trading strategy” rather than an exploit on the decentralized exchange. Later in December 2022, the U.S. Department of Justice slammed Eisenberg with market manipulation charges and he was arrested shortly after in Puerto Rico.
The Commodity Futures Trading Commission (CFTC) also accused the self-proclaimed game theorist of leveraging token swaps to steal funds from Mango Markets via a “manipulative and deceptive scheme”.&
According to the CFTC’s complaint, Eisenberg violated federal commodities laws and his actions constituted a blatant manipulation of spot prices.&
Mango Markets Hit In Worst Month For DeFi Hacks
Mango Markets was one of several decentralized finance platforms hacked in October 2022, now known as the worst month of DeFi hacks in crypto’s history. Indeed, illicit actors stole north of $3 billion in digital assets from
Hacktober crowned a turbulent year for DeFi amid slumped crypto prices and uncertainty in the broader financial market. Ronin bridge was exploited for over $600 million in March 2022, the largest single hack in DeFi to date.&
Other decentralized protocols like Harmony, Wormhole, and Wintermute’s DeFi operations were also exploited for hundreds of millions.&
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