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š Crypto Trader Convicted in $110M Mango Markets Fraud Trial
Crypto trader Avraham Eisenberg was convicted on Thursday in relation to trades he made in October 2022.
Mike Gavela
April 18, 2024
Crypto Roundup - Apr 18
Avraham Eisenberg manipulated the price oracles on the decentralized finance (DeFi) platform Mango Markets, inflating the price of its native token, MNGO, to illicitly withdraw over $100 million. Facing charges of commodities fraud and market manipulation by U.S. prosecutors and the Commodity Futures Trading Commission (CFTC), Eisenberg's defense claims his actions were legal under the platform's design. Despite returning a substantial portion of the funds, Mango Markets continues to seek full restitution through both criminal and civil proceedings, underscoring significant legal and ethical challenges within DeFi operationsāā.
Top Stories:
Mango Markets Incident: Avraham Eisenberg executed a price manipulation scheme on Mango Markets, leading to over $100 million in losses, which he partially repaid following legal pressures.
Legal Developments: Eisenberg faces multiple charges including commodities fraud and market manipulation, with additional penalties possibly including trading bans and other financial remedies.
Market and Community Response: The DeFi community and Mango Markets governance are navigating the fallout, debating the ethics of such exploits and reinforcing systems against similar vulnerabilities.
TOP STORIES
FUNDRAISES
Weāre excited to announce a seed round led by @PanteraCapital to help power yield-first DeFi!
The round saw strategic participation from @OKX_Ventures, @mirana, @paraficapital, @DewhalesCapital, @ManifoldTrading, founders and backers across the @Blast_L2 eco, amongst others.
ā Thruster (@ThrusterFi)
1:09 PM ā¢ Apr 18, 2024
ā“ļø $2 MILLION IN SEED INVESTMENTā“ļø
We are grateful to have world class partners and investors including @KeneticCapital, @MechanismCap, @Auros_global, @FUTURE_FUND_, @BoostyLabs, @_pgauthier, @0xMaki, and @ArtOnInternet backing RUNES DEX's Journeyš
ā RUNES DEX ā“ļø (@RUNES_DEX)
5:01 PM ā¢ Apr 18, 2024
OTHER HEADLINES
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CRYPTO TWITTER (X)
No, ethereum isn't like the other chains.
Ethereum is profitable.
Over the past 18 months Ethereum generationed almost $1 billion in earnings.
These earnings were distributed in a permanent token buy-back program called "the burn".
This puts Ethereum in the top 20 entitiesā¦ twitter.com/i/web/status/1ā¦
ā RYAN SĪAN ADAMS - rsa.eth š¦ (@RyanSAdams)
10:04 PM ā¢ Apr 18, 2024
What was the most profitable software company in Q1 2024?
Ethereum.
Ethereum generated $370m in profit on $825m in revenue for about a 45% net income margin.
The chart above shows both the historical performance & also explains how web3 blockchains like Ethereum generateā¦ twitter.com/i/web/status/1ā¦
ā Tomasz Tunguz (@ttunguz)
9:42 PM ā¢ Apr 18, 2024
.@saylor asked me to update this graphic more frequently
Here is #Bitcoin (~$1T) relative to the global asset landscape (~$900T).
At just ~0.1% of global asset value, Bitcoin still has plenty of room to grow...
ā Jesse Myers (Croesus š“) (@Croesus_BTC)
2:22 PM ā¢ Apr 18, 2024
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