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Mango Markets Manipulator Charged With Fraud

The Securities and Exchange Commission (SEC) has charged Abraham Eisenberg with violating the SEC’s anti-fraud and market manipulation laws.

Eisenberg has earlier been charged with the same offense by the Commodity Futures Trading Commission (CFTC).

Eisenberg, who is being prosecuted as the chief suspect in the alleged manipulation of cryptocurrency, Mango Markets governance token is said to have stolen $116 million in digital assets.

As reported by ‘Coingeek’, the SEC is also seeking to mete out civil penalties on Eisenberg while also trying to reclaim the stolen assets.

“A manipulative and deceptive scheme to artificially inflate the price of the MNGO token, which was purchased and sold as a crypto asset security, in order to borrow and then withdraw nearly all available assets from Mango Markets, which left the platform at a deficit when the security price returned to its pre-manipulation level,” said David Hirsch, the SEC’s Head or the Crypto Assets and Cyber Unit.

 

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