• Mango Markets has filed a lawsuit against Avraham Eisenberg for $47M in damages.
• The lawsuit alleges that Eisenberg executed a malicious attack on Mango Markets by manipulating the native token, MNGO.
• Eisenberg is also in legal battles with several US federal and regulatory agencies.
Mango Markets, a decentralized finance (DeFi) protocol, has filed a lawsuit against Avraham Eisenberg for $47 million in damages. The United States District Court for the Southern District of New York was the venue for the Wednesday filing that accuses Eisenberg of executing a malicious attack on Mango Markets by manipulating the native token, MNGO. It is alleged that the exploiter converted nearly $114 million from the depositors of the protocol into his own accounts.
The lawsuit further claims that Eisenberg entered into an agreement with a Mango Markets- related decentralized autonomous organization (DAO) to keep their tokens hidden from the public. The agreement was made in order to manipulate the price of MNGO and enrich himself in the process. Eisenberg is also accused of interfering with the market price of MNGO by using the funds from the Mango Markets DAO to buy large amounts of the tokens.
The DAO lawsuit also alleges that Eisenberg used his influence to manipulate the market price of MNGO. He reportedly contacted major exchanges and urged them to list the token and increase its market capitalization. According to the complaint, Eisenberg used his influence to increase the market capitalization of MNGO by more than fivefold in just a few days.
The lawsuit seeks to recover the losses suffered by Mango Markets depositors, as well as punitive damages. Eisenberg is also in legal battles with several US federal and regulatory agencies, including the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
Mango Markets has emerged as one of the leading DeFi protocols in the market. Despite the malicious attack by Eisenberg, the protocol has seen tremendous growth in recent months. It currently has more than $1.2 billion in total value locked and is one of the most popular DeFi protocols in the market.
The lawsuit against Eisenberg is yet another example of how the DeFi sector is taking steps to protect its users from malicious actors. While the lawsuit is ongoing, it should serve as a warning to those who seek to manipulate the market for their own personal gain. It is important for users to be aware of the risks associated with DeFi protocols and be vigilant about any suspicious activity.