A cryptocurrency trader has been convicted of fraud in connection with a $110 million market manipulation case.
Avraham Eisenberg was convicted in a federal court in New York after prosecutors accused him of artificially manipulating the price of certain perpetual futures contracts on the Mango Markets exchange.
Prosecutors say he used two accounts to simultaneously buy and sell futures based on the relative values of Mango’s token MNGO and the USD Coin stablecoin.
He was convicted of commodities fraud, commodities market manipulation and wire fraud and could now face decades in prison when he is sentenced in July.
Assistant Attorney General Nicole Argentieri says, “Avraham Eisenberg carried out a manipulative trading scheme on a cryptocurrency exchange and defrauded the exchange and its investors of $110 million.”
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