Mango Markets finally Filed Suit Against Avraham Eisenberg

Mango Markets, it has finally filed a lawsuit against its exploiter Avraham Eisenberg for $47 million in damages alongside interest. 

Another day, another lawsuit against @avi_eisen crediting Karlstack's reporting

"Before attacking Mango Markets, Defendant made headlines for allegedly embezzling $14 million from Fortress DAO."

one Karlstack article = "making headlines" 😎https://t.co/PikAwXjqvC pic.twitter.com/tj63NXDweH

— Karlstack (@realChrisBrunet) January 26, 2023

There is no mincing word that this is the fourth time the Mango Markets exploiters will be faced with lawsuits since he orchestrated the attack against the DeFi platform. 

According to the Jan. 25 filing in the United States District Court for the Southern District of New York, Einseberg was alleged of exploiting Mango Markets platform and looting millions of dollars’ worth of cryptocurrencies in Oct. 2022. 

As a consequence, he was charged for $47 million in damages alongside interest which will start reading from the time the attack was made. 

The DeFi platform also urged the court to discountenance an agreement between Eisenberg and Mango market, stressing that template such be considered invalid and unenforceable. 

It is instructive to note that the agreement was in connection with a DAO governance decision, which enabled Mango Markets hacker to keep $47 million alongside an assurance that it would not pursue criminal charges against him. 

Meanwhile, Mango Markets harped that Eisenberg did not engage in any lawful bargaining, stressing that it only forced Mango DAO into an unenforceable settlement agreement under an irresistible circumstance.

Examining Mango DAO’s Ordeal 

Mango DAO ordeals is traceable Oct. 11, 2022, when the attacker later identified as Avraham Eisenberg drained around $117 million from Mango Markets’ treasury via manipulating the price oracle data of its native Mango (MNGO) token.

Thereafter, he provided conditions that must be met before he would return part of the stolen funds, which mandated Mango DAO to pay back bad debt using USDC available in its treasury as well as not taking legal action against him.

Upon reaching a middle course, Mango Markets confirmed that $67 million worth of cryptocurrency had been returned by the attacker.

Recall that Avraham Einsenberg was recently arrested in Puerto Rico and charged with two counts of market manipulation on Jan. 9 by the United States Commodity Futures Trading Commission (CFTC). Time will tell if he will be freed or not.