Crypto Trader Arrested for Manipulating Mango Markets, Losing $110M – Bitcoin (BTC/USD), Tether Dollar (USDT/USD), USD Coin (USDC/USD), Solana (SOL/USD)

Avram EisenbergA crypto trader, was arrested on Monday Puerto Rico To access your “Highly Profitable Trading Strategy” Embezzled digital assets worth $110 million Decentralized finance (DeFi) trading platform mango market,

What happenedEisenberg is accused of fraud and manipulative activities in connection with Mango Markets, the complaint shows. In October this year, he and his team took advantage of the platform by artificially inflating the price of their native token MnGO MnGO/USD, by an astonishing 1,300%.

See more: Best Crypto Day Trading Strategies

fbi special agent Brandon Rackz‘s The statement alleges that Eisenberg “willfully and willfully” violated Mango Markets’ futures contracts through a scheme that involved deceptive practices and intentionally manipulated prices.

According to Racz, Eisenberg “engaged in a scheme involving the intentional and artificial manipulation of the price of perpetual futures contracts on a cryptocurrency exchange called Mango Markets, and other manipulative and deceptive devices and contraband.”

Eisenberg calls himself a “digital art dealer” according to Twitter Bio. They returned over $67 million to the Solana-based DeFi platform on October 16 and kept $47 million as bug bounties. it was with him publicly admitted taking advantage of crypto exchange, revealing that he was part of a group that “operated highly profitable trading strategies” and believed that all of their activities were legal and within open market limits.

property was destroyed by the attacker, including usd coin USDC/USD, Marinade Stacked Solanas msol/usd, solana SOL/USD, Bitcoin BTC/USD, lanyard USDT/USD, serum srm/usd And Common MnGO/USD,

price action: At the time of writing, MNGO was trading at $0.02, down 0.51% over the past 24 hours, according to Benzinga Pro Data.

Read further: ‘How to survive in prison’: Pharma bro Martin Shkreli tips Bankman-Fried

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