Crypto Exchange Mango Markets Sues Exploiter for $47M in Damages

Decentralized crypto exchange Mango Markets sued its exploiter Avraham Eisenberg for $47 million in damages according to a United States District Court for the Southern District of New York filing on Wednesday.

Decentralized finance trader Eisenberg had, "through fraud and deception," taken and converted approximately $114 million from Mango Markets. He later returned $67 million but "retained" the remainder, the filing said. Mango Markets now wants the remaining $47 million back in damages.

Charges have been piling up for Eisenberg. Last week the U.S. Securities and Exchange Commission charged Eisenberg for draining the money from Mango Markets. Prior to that the U.S. Commodity Futures Trading Commission charged him for this exploitation and the lawsuit said he had violated federal commodities law by using a "manipulative or deceptive device" to affect the price of the MNGO token through swaps, and that he engaged in "manipulation of a swap." Before that he faced similar charges from the Department of Justice.

Following the exploit in October, Eisenberg defended his actions by labelling the attack as a "highly profitable trading strategy."