Did Avraham Eisenberg orchestrate an attack on Mango markets?

The U.S. Securities and Exchange Commission on Friday charged DeFi trader Avraham Eisenberg with orchestrating an attack on Mango Markets by manipulating the crypto trading platform’s MNGO token and draining $116 million in crypto assets. The SEC contends that MNGO is a security.

Did Avraham Eisenberg orchestrate an attack on a crypto asset trading platform?

The Securities and Exchange Commission today charged Avraham Eisenberg with orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token, a so-called governance token that was offered and sold as a security.

Did a hacker steal $112 million from mango markets?

On Tuesday, a hacker stole roughly $112 million from cryptocurrency exchange Mango Markets, which lives on the Solana crypto platform. They did it by purchasing a large amount of MNGO tokens on the exchange on two separate accounts, going long (betting on price going up) on one, and going short (betting on price going down) on the other.

How does mango markets work?

Mango Markets is a DAO, or Decentralized Autonomous Organization. That means it's governed by voting, where owners of MNGO tokens can vote on the future of the entire project. The more MNGO tokens you own, the more voting power you have.