Avraham A. Eisenberg, 27, a U.S. citizen has been charged with orchestrating an attack against Mango Markets, a crypto asset trading platform. Eisenberg, a 27-year-old U.S. citizen, is accused of manipulating MNGO tokens that were offered and sold by the Securities and Exchange Commission (SEC). The SEC is also investigating other violations of securities laws and the individuals involved.
Eisenberg is waiting to be transported before the Southern District in New York. He was arrested at MDC Guaynabo, Puerto Rico. The Department of Justice, the Commodities Futures Trading Commission and the Department of Justice have brought parallel criminal and civil allegations against Eisenberg.
Eisenberg started a scheme, according to SEC’s complaint on October 11th, 2022 to steal $116,000,000 worth of crypto assets off the Mango Markets platform. Eisenberg used his Mango Markets account to sell significant amounts of MNGO tokens while Eisenberg was residing in Puerto Rico. He used a different account to buy the same futures. Eisenberg allegedly then made large purchases of MNGO, a token that was barely traded in order to artificially raise its price relative the USD Coin crypto asset.
Apparently, these transactions caused the price of MNGO permanent futures held by Eisenberg and others to increase on Mango Markets. Eisenberg is also accused of using the increased value of the MNGO perpetual contracts to borrow and withdraw $116 million in various crypto assets.
Eisenberg was accused of violating anti-fraud provisions of Securities Exchange Act of 1935 and of market manipulation in the SEC complaint filed in Manhattan’s federal district courts. The SEC is seeking permanent injunctive, conduct-based, injunctive, disgorgement, prejudgment interests, and civil penalties.
Kristin Pauley is leading the ongoing investigation of the SEC’s Crypto Assets and Cyber Unit, assisted by Thomas Bedkowski. Alyssa Quinls, of the Chicago Regional Office, will lead SEC litigation. As acknowledged by the SEC, the U.S. Attorney’s Office of the Southern District of New York and the FBI have been of great assistance in this case.
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SEC
Securities and Exchange Commission, or SEC, is a United States government agency responsible for overseeing and regulating the securities market. Its main mission is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC, established in 1934 to respond to the 1929 crash in stock markets and Great Depression that followed, was created in response. The SEC enforces federal securities laws such as the Securities Act of 1932 and the Securities Exchange Act of 1935, which are designed to promote transparency and accountability on the financial market.
The SEC performs several important functions. The SEC requires that public companies disclose relevant financial data to investors. This ensures that they can make informed investment decisions. Securities exchanges, investment advisers and brokers are also regulated by the act, which sets standards for their conduct and operations.
SEC also conducts investigations and enforces securities laws against companies and individuals who violate them, for example, by engaging in fraudulent or insider activities. It can impose civil penalties and criminal charges as well as seek to disgorge ill-gotten gain.
The SEC has a vital role to play in maintaining the confidence of investors and the integrity of markets. It aims to stop fraud, manipulation and other abuses by promoting fair practices and transparency. The SEC’s regulatory efforts aim to create a level playing ground for all participants, and to ensure the stability of the U.S. Financial Markets.
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