CFTC Files Lawsuit Against Mango Markets Hacker

CFTC Files Lawsuit Against Mango Markets Hacker

The US Commodity Futures Trading Commission (CFTC) has charged Abraham Eisenberg with fraud and market manipulation to illegally obtain more than $110 million in an attack on DeFi platform Mango Markets.

The regulator has recently filed a civil lawsuit in the Southern District of New York.

The CFTC claims Eisenberg created two anonymous accounts on Mango Markets to carry out his scheme. He used the accounts to open two large leveraged positions in a swap contract whose value is based on the price ratio of the platform’s native token MNGO and USDC.

Eisenberg then artificially “inflated” the quotes of the Mango Markets coin. To do this, he bought a “significant amount” of the asset on three exchanges.