Mango Markets Exploiter Moves For Acquittal, New Trial

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Avraham Eisenberg, mango markets, crypto scheme

Mango Markets exploiter Avraham Eisenberg has requested that his April 2024 conviction related to the crypto scheme be dissolved and that he is given a new trial, a new court filing this weeks shows.

Mango Markets Fraudster Avraham Eisenberg Seeks New Trial

According to the latest legal documents, Eisenberg is asking for a new trial “because of various errors in the jury instructions and because of false and misleading arguments made by the government in summation.”

“The evidence was unequivocal that Mr. Eisenberg was at all relevant times— an amount of time that was rather circumscribed as all of the relevant trading and withdrawal activity took place in a roughly hour-long period— situated in or around Puerto Rico and acting alone,” the filing states. “Faced with a total lack of evidence as to venue, the government resorted to mischaracterizations of the facts and the law in its summation.”

Jurors from the Southern District of New York found Eisenberg guilty on commodities fraud, wire fraud, and commodities manipulation earlier this year and could see up to two decades behind bars for orchestrating the massive digital asset scheme.

According to U.S. prosecutors, Eisenberg attempted to glean $110 million from Mango Markets by manipulating certain perpetuals futures contracts.

Eisenberg defended himself on social media shortly after the crypto-related scheme occurred, stating that his actions aligned with the law.

“I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are,” Eisenberg said.

His subsequent trial and conviction marked the first ever cryptocurrency open-market manipulation case to be prosecuted.

If approved, Eisenberg’s latest move for acquittal and request for a new trial could throw a wrench into the prosecution’s case.

A resident of Puerto Rico at the time of the attempted exploit, lawyers for Eisenberg argue that there is “not a sufficient connection” to try the alleged crypto fraudster in the Southern District of New York as “not a single act performed in connection with the crimes of conviction took place in this District.”

It is currently unclear how U.S. prosecutors will respond to the claims.

However, Eisenberg is facing additional legal troubles on top of his crypto exploits, as he was charged with possesion of child pornagraphy this past April.

His sentencing is currently scheduled for November 13, 2024.

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