On April 10, Avraham “Avi” Eisenberg, who was found guilty of fraud and market manipulation tied to the abuse of Mango Markets’ decentralized trading platform, will receive his sentence.
According to court records, Judge Arun Subramanian has rescheduled the sentencing hearing for Eisenberg from its original date of December 12, to a new date of April 10, in response to a request made by his legal team. The hearing was initially postponed once already, from its initial scheduled date in February, following Eisenberg’s conviction on April 20, 2024.
On January 7, the attorney representing the individual accused of exploiting Mango Markets asked for a postponement, citing the intricacies of the case’s factual record and the intricacies of some sentencing matters as the reason. The US prosecutor’s office did not oppose this change in schedule.
In October of 2022, Eisenberg carried out an attack on Mango Markets using a loophole, resulting in over $100 million being siphoned from the platform. He later returned approximately $67 million but kept about $40 million after the community voted on governance matters. In December of 2022, US authorities apprehended Eisenberg and he has been detained for approximately two years since then.
If sentenced to the maximum time serving consecutively, Eisenberg could face 20 years behind bars.
After receiving his sentence, Eisenberg might encounter civil legal proceedings initiated by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. These matters were postponed in March 2023 and may recommence once the ongoing criminal case has been resolved.
Prosecutors based in New York’s Southern District have been handling cases involving well-known figures in the cryptocurrency sector, including Sam Bankman-Fried (former FTX CEO), Do Kwon (co-founder of Terraform Labs), and Alex Mashinsky (former Celsius CEO). Notably, Kwon, who was recently extradited to the U.S. from Montenegro, is set for trial in January 2026.
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2025-01-09 00:25