Prosecutors argue it’s an appropriate sentence for Eisenberg’s April 2024 conviction for committing wire fraud, commodities fraud and commodities manipulation in connection with the Mango Markets exploit and separate charges that he possessed child pornography.“This sentence is necessary to, among other things, appropriately reflect the gravity of the defendant’s crimes, promote respect for the law, deter the defendant from future criminal activity, and protect the public,” the prosecutors said.“Fraud that takes over $100 million from investors and effectively shuts down a business is a shocking violation of criminal law, and it necessitates a sentence commensurate with the crime.”Mango Markets announced on Jan.11 that it was winding down operations.
Mango Markets hopes for restitutionIn an April 22 impact statement filed by lawyers acting for Mango Markets, the exchange asks that, in light of Eisenberg’s conviction, the court grant $47 million restitution to make everyone, “including Mango DAO, whole.”“Although Eisenberg’s attack cannot be undone, return of the funds he misappropriated is critical to righting his wrong,” Mango Markets said.
US federal prosecutors have asked a district judge to sentence Avraham “Avi” Eisenberg, the crypto user convicted of the $110 million exploit of the decentralized exchange Mango Markets in 2022, to at least six and a half years behind bars.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Stephen Katte
The story "Prosecutors seek over 6 years prison for Mango Markets exploiter" has 447 words across 14 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Prosecutors seek over 6 years prison for Mango Markets exploiter" was covered 13 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 27 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
