The CFTC joins the Justice Department in charging Eisenberg.
in its suit that Eisenberg “engaged in a manipulative and deceptive scheme to artificially inflate the price of swaps offered by Mango Markets […] culminating in the misappropriation of over $100 million from the platform” in October. According to the filing, Eisenberg “purchased over 400 million MNGO-USDC Swaps on Mango Markets with a position size of approximately $19 million.”
Eisenberg then bought “large quantities” of Mango’s MNGO coin on three exchanges that serve as Mango oracles. This forced up the price of MNGO, and Eisenberg borrowed digital assets worth about $144 million from Mango Markets at the inflated price, after which the MNGO price fell, leaving Mango Markets illiquid. His actions resulted in a “wash” transaction, according to the CFTC.
“The goal of Defendant’s scheme was straightforward: to artificially inflate the value of his swap contract holdings on Mango Markets through price manipulation, so that he could “borrow” a significant amount of digital assets that he had no intention to repay.”
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