Mango Markets Hacker Overturns Conviction... Charges Dismissed in Court

Uk Jin

Summary

Avraham Eisenberg was acquitted of charges of stealing $114 million worth of virtual assets.
The Southern District Court of New York ruled that the lack of clear rules at Mango Markets led to insufficient evidence presented by the prosecution.
Eisenberg's side claimed the code manipulation was a 'legitimate trading strategy,' overturning the guilty verdict.

Avraham Eisenberg, the hacker accused of stealing $114 million worth of virtual assets (cryptocurrency) from the Solana (SOL)-based decentralized exchange (DEX) Mango Markets (MNGO), has been acquitted.

According to the cryptocurrency specialist media outlet Decrypt on the 26th (local time), Judge Arun Subramanian of the Southern District of New York ruled on the 24th that "Mango Markets had no clear rules, and there was no concept that users had to repay borrowed money," and "the evidence presented by the prosecution is insufficient to legally judge the Eisenberg case."

As a result, Eisenberg was acquitted of both fraud and wire fraud charges.

Previously, Eisenberg manipulated the code on Mango Markets to arbitrarily manipulate the MNGO token price and used it as collateral to withdraw $114 million worth of virtual assets. The prosecution charged him with fraud, stating that "Eisenberg manipulated the oracle to withdraw large sums of money." However, Eisenberg's side has contested the guilty verdict, claiming it was a 'legitimate trading strategy.'

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