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Eisenberg Accused of Draining $117M From Mango Labs Exchange Protocol in Complex Scheme


In October 2020, crypto trader, Eisenberg, was accused of using a complicated scheme to drain around $117 million from Mango Labs LLC’s exchange protocol. As a result, Mango Labs has sought to file a motion against Eisenberg in a New York District court, alleging that the settlement agreement was reached “under duress”, and is therefore invalid and unenforceable.[0] Furthermore, the company is asking a federal court in Manhattan to order Eisenberg to pay back the rest of the money.[1]

Eisenberg has denied the charges, claiming that he did his part and that “eligible Mango Markets’ members received reimbursement from the Mango Markets treasury”.[0] His lawyers also said that “all involved considered this matter closed and Mr. Eisenberg heard nothing further from Mango Markets” until the company sued him in January.[2]

In addition to the civil lawsuit, Eisenberg is also facing criminal charges and is being sued by the Commodity Futures Trading Commission and the Securities and Exchange Commission.[1] The case remains ongoing and the outcome is yet to be seen.

0. “Mango Market exploiter files to keep $47M bounty payment” CryptoSlate, 16 Feb. 2023,

1. “Accused Mango Labs Crypto Scammer Seeks to Keep Disputed Funds” BNN Bloomberg, 16 Feb. 2023,

2. “Mango Markets exploiter seeks to keep disputed funds paid as ‘bug bounty’” Cointelegraph, 16 Feb. 2023,

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