Jury Begins Deliberations in $110M Mango Markets Fraud Trial

NEW YORK — Crypto trader Avi Eisenberg’s fate now rests in the hands of 12 New York jurors, who have been tasked with deciding whether his October 2022 trades on Mango Markets – which netted him $110 million – were fair game or fraud.in December 2022 and charged with commodities fraud, commodities manipulation and wire fraud in connection with his Mango Markets exploit two months earlier.

The defense’s case on Monday and Tuesday largely hinged on a single expert witness, former Secret Service agent-turned crypto investigations consultant Jeremy Sheridan. Over two days of testimony he spoke to the mechanisms that enabled Eisenberg’s trades and the difficulty of understanding whether his borrows were, according to Mango Markets’ codebase, actually borrows at all.

But Eisenberg wasn’t borrowing, prosecutors told the jury on Wednesday – he was stealing. Hours after the exploit, he issued an “extortionate” anonymous proposal to the Mango Markets decentralized autonomous organization offering to return $67 million of his haul in exchange for promises not to pursue criminal charges or freeze the rest of the stolen funds.

Prosecutors told the jury a different version of the story. Eisenberg, they said, knew what he was doing was illegal.

Source: Financial Digest (financialdigest.net)

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