US federal prosecutors have requested a district decide to condemn Avraham “Avi” Eisenberg, the crypto consumer convicted of the $110 million exploit of the decentralized trade Mango Markets in 2022, to a minimum of six and a half years behind bars.
Ahead of Eisenberg’s May 1 sentencing listening to, US prosecutors are petitioning US District Judge Arun Subramanian for Eisenberg to face between 78 and 97 months in prison, according to an April 22 submitting in a New York district courtroom.
Prosecutors argue it’s an acceptable sentence for Eisenberg’s April 2024 conviction for committing wire fraud, commodities fraud and commodities manipulation in reference to the Mango Markets exploit and separate prices that he possessed baby pornography.
“This sentence is critical to, amongst different issues, appropriately mirror the gravity of the defendant’s crimes, promote respect for the legislation, deter the defendant from future prison exercise, and shield the general public,” the prosecutors mentioned.
“Fraud that takes over $100 million from traders and successfully shuts down a enterprise is a surprising violation of prison legislation, and it necessitates a sentence commensurate with the crime.”
Mango Markets announced on Jan. 11 that it was winding down operations. It first launched in August 2021. A subsequent Jan. 18 submit to X gave a date of Feb. 3 for the shutdown.
During his April 2024 trial, Eisenberg’s authorized crew claimed he orchestrated a authorized buying and selling technique that noticed him revenue $110 million from Mango Markets.
He has returned roughly $67 million of the funds after the exploit, however retained greater than $40 million following a community governance vote.
Mango Markets hopes for restitution
In an April 22 impression assertion filed by attorneys performing for Mango Markets, the trade asks that, in gentle of Eisenberg’s conviction, the courtroom grant $47 million restitution to make everybody, “together with Mango DAO, entire.”
“Although Eisenberg’s assault can’t be undone, return of the funds he misappropriated is crucial to righting his unsuitable,” Mango Markets mentioned.
Related: Mango Markets heist like a fake diamond ring scam: Prosecutor
“No amount of cash will repair the injury that Eisenberg has prompted to Mango Markets’ fame and the struggling his avarice prompted, however returning the cash, Eisenberg made off with will a minimum of assist.”
Authorities arrested Eisenberg in December 2022. After his conviction, his sentencing has been postponed a number of instances.
Initially, it was scheduled for Dec. 12, 2024, nevertheless it was later delayed to Feb. 11, 2025, and April 10, 2025. Eisenberg’s authorized crew mentioned the complexity of the sentencing points prompted the delays.
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