Mango Markets Exploiter, Avraham Eisenberg, Ordered To Remain in Custody Pending Trial

During a detention hearing, United States Magistrate Judge Bruce McGiverin determined that it was necessary to keep Eisenberg in custody due to the risk of him failing to appear in court as required. According to official court documents, no conditions could reasonably assure Eisenberg’s appearance if he were to be released. This decision comes after several events, including the alleged exploitation of the online marketplace. 

Additionally, the court had several reasons for issuing a detention order in Eisenberg’s case. A conviction could result in a lengthy period of incarceration, and Eisenberg has strong ties to family and community outside of the United States. His background also needs to be fully verified. A detention order, issued during a bail hearing, requires the defendant to remain in custody until the case is concluded or they are released through a bail review.

On October 15th, 2022, Eisenberg took to social media to defend his actions in the “Mango Markets exploit.” Eisenberg claimed that the exploit was a legitimate and highly profitable trading strategy and insisted that he had done nothing wrong. In a lengthy thread, he argued that his behavior was completely within the bounds of the law and that he was using the protocol as intended.

However, on December 28th, 2022, Eisenberg was taken into custody on fraud charges in Puerto Rico. This surprised many, as Eisenberg had justified his attack on the crypto exchange as a legitimate market maneuver. However, authorities have accused him of market manipulation and fraud, leading to his arrest. The incident, dubbed the “Mango Markets exploit,” sparked outrage in the crypto community.

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