Back in October of 2022, we wrote about a crazy hack that took down the decentralized finance trading platform, Mango Markets.

Well, there's been a development.

To recap, without going into too much detail, a crypto investor by the name of Avraham Eisenberg found an exploit in the Mango Markets platform that would allow him to buy, pump, sell, profit.

And it worked! Avi pumped the price of the MNGO token by 1300% in less than an hour, taking home $110M USD in the process.

Here's how Avi saw it (stated in a now-deleted Tweet from Oct 15, 2022):

"I was involved with a team that operated a highly profitable trading strategy last week."

Here's how the FBI saw it (stated last week, in a court filing):

“Eisenberg engaged in a scheme involving the intentional and artificial manipulation of the price of perpetual futures contracts on a cryptocurrency exchange called Mango Markets."

Here's why it's important:

Last week, Mr Eisenberg was arrested in Puerto Rico facing charges of commodities fraud and commodities manipulation, according to the unsealed filing.

The charges could see punishments ranging from fines to prison time.

More importantly, Avi will be the first ever U.S. resident to face charges for manipulating a decentralized trading platform.

In the court of law, precedence is important - the results of this case could impact cases for years to come.

Let's hope ol' Avi has a good lawyer.