- The fraud trial of Avraham Eisenberg, the alleged perpetrator behind the $116 million Mango Markets theft, has been postponed until April 8, 2023.
- Eisenberg’s lawyers filed a motion for continuance, citing the need for more time to prepare for the trial and sift through discovery materials provided by U.S. prosecutors.
- Despite confessing his involvement in the Mango Markets exploit, Eisenberg pleaded not guilty to three criminal counts in June.
- U.S. prosecutors contested the motion for continuance but were unsuccessful.
- Eisenberg’s lawyers and U.S. prosecutors have been ordered to submit a revised schedule for pretrial motions and submissions by November 7.
- Eisenberg’s transfer to the Metropolitan Detention Center (MDC) in Brooklyn on October 26 has impacted the defense counsel’s access to him and the trial preparations.
- The Securities and Exchange Commission (SEC) charged Eisenberg on January 20, alleging that he manipulated the Mango Markets governance token and drained the treasury of $116 million.
Avraham Eisenberg, the alleged perpetrator behind the $116 million Mango Markets theft, has had his fraud trial postponed until April 8, 2023. The trial was originally scheduled to begin on December 4, but Eisenberg’s lawyers successfully filed a motion for continuance, claiming they needed more time to prepare and review the discovery materials provided by U.S. prosecutors. The motion was granted by district court Judge Arun Subramanian on November 3. Despite confessing his involvement in the Mango Markets exploit, Eisenberg pleaded not guilty to three criminal counts in June. U.S. prosecutors opposed the motion for continuance but were unsuccessful. Both parties have been ordered to submit a revised schedule for pretrial motions and submissions by November 7.
Eisenberg’s transfer to the Metropolitan Detention Center (MDC) in Brooklyn on October 26 has also impacted the defense counsel’s access to him and their ability to prepare for the trial. The lawyers stated that the move to the MDC has limited their access to Eisenberg and prevented him from transferring the discovery materials and legal paperwork relevant to the trial. The MDC is the same prison where former FTX CEO Sam Bankman-Fried returned after being convicted on fraud-related charges.
In addition to the criminal charges, Eisenberg was also charged by the Securities and Exchange Commission (SEC) on January 20. The SEC alleges that he manipulated the Mango Markets governance token, MNGO, by taking out “massive loans” against its inflated collateral, leading to the draining of the treasury of approximately $116 million.
