Home>Business>Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April

Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April


Legal professionals representing the $116 million Mango Markets exploiter have satisfied a decide to postpone the fraud trial till April 8, 2023.

Avraham Eisenberg’s fraud trial was set to begin on Dec. 4 however a number of circumstances impacted his trial preparations, in accordance with his attorneys, who filed a profitable movement for a continuance to District Courtroom Choose Arun Subramanian on Nov. 2.

“As mentioned in at the moment’s convention, the movement for continuance is GRANTED. Trial on this case will start on April 8, 2024,” Subramanian stated in a Nov. 3 court docket submitting.

U.S. prosecutors contested the movement for continuance however had been unsuccessful. Subramanian additionally ordered United States prosecutors and Eisenberg’s attorneys to submit a revised schedule for pretrial motions and submissions by Nov. 7.

Regardless of confessing his involvement within the Mango Markets exploit, Eisenberg plead not guilty to 3 prison counts for commodities fraud, commodity manipulation and wire fraud in June.

Choose Arun Subramanian granted Eisenberg’s movement for continuance (in blue writing) on Nov. 3. Supply: Courtlistener

Within the movement, Eisenberg’s attorneys stated they wanted extra time to sift by discovery supplies submitted by U.S. prosecutors.

“The federal government has produced voluminous discovery on this case on a rolling foundation […] which the protection continues to be analyzing and conferring with the consumer about.”

The attorneys added that they misplaced time to arrange with Eisenberg when he was “unexpectedly” transferred to the Metropolitan Detention Heart (MDC) in Brooklyn on Oct. 26.

Eisenberg wasn’t permitted to switch the invention supplies, which he annotated together with different authorized paperwork related to the trial.

“The transfer to the MDC has already, and can proceed to, severely inhibit protection counsel’s entry to Mr. Eisenberg,” the attorneys added.

MCD is the jail which former FTX CEO Sam Bankman-Fried returned to after he was convicted on all seven fraud-related charges on Nov. 2.

Associated: How low liquidity led to Mango Markets losing over $116 million

The Securities and Alternate Fee additionally charged Eisenberg on Jan. 20, alleging that he manipulated the Mango Markets governance token, MNGO, by taking out “large loans” towards its inflated collateral and draining Mango’s treasury of round $116 million.

It adopted Eisenberg’s arrest in Puerto Rico about three weeks earlier on Dec. 27.

Eisenberg publicly confessed to the exploit on Oct. 15, 2022, arguing that his actions were completely legal. He initially despatched again $67 million to Mango Markets’ decentralized autonomous group as a part of a bounty deal. Nonetheless the crew behind Mango Markets later sued Eisenberg for $47 million in damages plus curiosity.

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