Las Vegas Review-Journal | Tribune News Service | Getty Images
A federal jury in New York on Thursday convicted a Puerto Rican man of committing a $110 million scam, the first ever by the Justice Department cryptocurrency Prosecutors said it was a case of open market manipulation.
The man, 28-year-old Avraham Eisenberg of San Juan, faces up to 20 years in prison on charges of wire fraud, commodities fraud and commodities manipulation.
Prosecutors allege that Eisenberg fraudulently obtained approximately 1,000 dollars worth of money from the Mango Markets exchange and its customers by artificially significantly inflating the price of futures contracts and MNGO crypto tokens, then borrowing cryptocurrency based on the inflated asset values. $110 million in cryptocurrencies.
“When Eisenberg borrowed and withdrew the cryptocurrency, he had no intention of repaying the borrowed funds but instead intended to steal the funds,” the Manhattan U.S. Attorney’s Office said in February 2023 when Eisenberg was indicted. stated in the statement.
“Not long ago, a jury unanimously convicted Avraham Eisenberg in the first-ever cryptocurrency market manipulation case,” U.S. Attorney Damian Williams said on Thursday.
“This groundbreaking prosecution exemplifies the office’s ability to use innovative approaches and cutting-edge enforcement tools to continue protecting all financial markets,” Williams said.
Eisenberg is scheduled to be sentenced on July 29 in Manhattan federal court.
This is developing news. Please check back for updates.
About The Author
