A cryptocurrency trader has been convicted of fraud in connection with a $110 million market manipulation case. Avraham Eisenberg was found guilty by a federal jury in New York after prosecutors accused him of artificially manipulating the price of certain perpetual futures contracts on the Mango Markets exchange.
Prosecutors claim that he used two accounts to simultaneously buy and sell futures based on the relative values of Mango’s token MNGO and the USD Coin stablecoin. Convicted of commodities fraud, commodities market manipulation, and wire fraud, Eisenberg could face decades in prison when sentenced in July.
Principal Deputy Assistant Attorney General Nicole Argentieri stated, “Avraham Eisenberg executed a manipulative trading scheme on a cryptocurrency exchange, defrauding the exchange and its investors out of $110 million.”