U.S. Judge Overturns Fraud Convictions of Crypto Trader Avraham Eisenberg

A U.S. judge has overturned the fraud and market manipulation convictions of Avraham Eisenberg, who was accused of stealing $110 million from Mango Markets.

Key points from the ruling:

• Judge Arun Subramanian stated prosecutors did not prove Eisenberg made false representations to the platform.
• Eisenberg was acquitted of wire fraud charges.
• He manipulated the price of the native token MNGO by over 1,000% within 20 minutes.
• The judge noted that Mango's permissionless structure provided insufficient evidence of falsity from prosecutors.

Eisenberg was arrested in December 2022 and is currently serving a four-year sentence for unrelated charges concerning child sexual abuse material. His attorney commented on the case being flawed and expressed satisfaction with the judge's decision.