Mango Markets hacker convicted on multiple charges

Abraham Eisenberg, known for orchestrating the Mango Markets exploit in 2022, was sentenced to 52 months in prison, but not for his cryptocurrency-related activities.

The sentence stems from a separate case involving child sexual abuse material, with the verdict finally handed down on May 1 in federal court in New York.

While the verdict ends one legal battle, another looms on the horizon. Eisenberg is still awaiting sentencing in a widely publicized crypto hack that saw Mango Markets lose $100 million in a price-manipulation scheme.

Although the two cases were expected to be tried together, only the child sexual exploitation charges were resolved.

In the cryptocurrency case, Eisenberg claimed that his actions were legitimate market tactics, not criminal behavior. However, in April 2024, a jury found him guilty of wire fraud and market manipulation.

Authorities rejected his defense, citing extensive evidence. Months later, his legal team pressed for an acquittal, but the prosecution remained steadfast.

Mango’s collapse was swift: The token crashed, deposits were frozen, and user losses mounted. The case became a cautionary tale as regulators stepped up efforts to curb financial abuse in decentralized systems.