U.S. Department of Justice (DOJ) alleged that Avraham Eisenberg, using two accounts and a false identity, manipulated Mango Markets’ MNGO token prive, driving value of related futures contracts which used as collateral to withdraw $110 million in crypto without intent to repay

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While the Department of Justice framed the act as a calculated deception of a smart contract system, Eisenberg’s defense insisted he simply took advantage of flawed but open code — without lying or misleading the protocol.

Prosecutors had alleged Eisenberg traded under a false identity and drove up the price of Mango’s token, MNGO, as well as contracts based on its relative value compared to a stablecoin called USDC. Eisenberg then exploited a feature of the exchange that let him “borrow” against his holdings, withdrawing $110 million in cryptocurrencies that he had no intention of repaying, the US alleged.