Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April

Attorneys representing the alleged fraudster, Avraham Eisenberg, convinced the judge that more time was needed to sift through discovery materials submitted by U.S. prosecutors.

Lawyers representing the $116 million Mango Markets exploiter have convinced a judge to postpone the fraud trial until April 8, 2023.

Avraham Eisenberg’s fraud trial was set to commence on Dec. 4, but several circumstances impacted his trial preparations, according to his lawyers, who filed a successful motion for a continuance to district court Judge Arun Subramanian on Nov. 2.

“As discussed in today’s conference, the motion for continuance is GRANTED. Trial in this case will begin on April 8, 2024,” Subramanian stated in a Nov. 3 court filing.

United States prosecutors contested the motion for continuance but were unsuccessful. Subramanian also ordered United States prosecutors and Eisenberg’s lawyers to submit a revised schedule for pretrial motions and submissions by Nov. 7.

Despite confessing his involvement in the Mango Markets exploit, Eisenberg pleaded not guilty to three criminal counts for commodities fraud, commodity manipulation and wire fraud in June.

In the motion, Eisenberg’s attorneys said they needed more time to sift through discovery materials submitted by U.S. prosecutors.

It followed Eisenberg’s arrest in Puerto Rico about three weeks earlier on Dec. 27.

Eisenberg publicly confessed to the exploit on Oct. 15, 2022, arguing that his actions were completely legal. He initially sent back $67 million to Mango Markets’ decentralized autonomous organization as part of a bounty deal. However, the team behind Mango Markets later sued Eisenberg for $47 million in damages plus interest.