Financial Crime Weekly: 27-Year-Old Faces Charges For $114M Crypto Scam; Disturbing Content Found On Phone
Portfolio Pulse from AJ Fabino
Avraham Eisenberg, a 27-year-old Puerto Rican resident, is facing federal charges for allegedly tampering with the decentralized cryptocurrency exchange 'Mango Markets', causing a fraud that cost the exchange and its clients approximately $114 million. The Securities and Exchange Commission (SEC) also charged Eisenberg for artificially inflating the price of the Mango token (MNGO/USD), a governance token offered and sold as a security, to borrow and then drain nearly all available assets from Mango Markets.
September 01, 2023 | 6:53 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The Mango token (MNGO/USD) was manipulated as part of a fraud that cost Mango Markets and its clients approximately $114 million. This could negatively impact the token's price and investor confidence.
The news of the fraud and price manipulation could lead to a decrease in the price of the Mango token (MNGO/USD) as investors may lose confidence in the security of the token and the exchange. This could lead to selling pressure, driving the price down.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100