Abraham Eisenberg faces up to eight years in prison for Mango Markets manipulation
Date: 2025-04-25 Author: Gabriel Deangelo Categories: BUSINESS
Prosecutors for the Southern District of New York have filed a motion to sentence Abraham Eisenberg to 78 to 97 months in prison. The sentencing hearing is scheduled for May 1.
The prosecution's statement emphasizes that such a harsh sentence is necessary in order to demonstrate the seriousness of the offenses, strengthen respect for the law, deter possible future crimes by the defendant, and protect society.
Eisenberg tried to justify himself by saying that his actions allegedly fell within the framework of acceptable trading strategies. However, the investigation believes that he was aware that his manipulations were illegal.
The case concerns events in 2022, when the defendant orchestrated an attack on Mango Markets using price manipulation of the MNGO token. He used two accounts to artificially inflate the price using fictitious accounts on platforms such as FTX, AscendEx, and Serum. After the price sharply increased, Eisenberg sold the assets, which led to a rapid decline in the value of the token and the temporary insolvency of Mango Markets. The total amount he withdrew was approximately $110 million.
Eisenberg was later charged with other charges, including possession and distribution of prohibited content containing images of minors. This aggravated his situation and added seriousness to the case.
Eisenberg claimed that his actions were in accordance with the platform's terms of use and the public rules of the protocol. However, prosecutors indicated that after the investigation began, he attempted to hide by leaving the country and using methods to cover his tracks.
Despite this, he returned part of the stolen funds to Mango Markets - about $67 million. He kept the remaining amount, over $40 million, after the community approved.
On April 18, the jury unanimously found Eisenberg guilty. Now it remains to wait for the final decision of the court, which will determine how many years he will spend behind bars.
