Avraham “Avi” Eisenberg is seeking to overturn his convictions related to the Mango Markets exploit, maintaining that his actions constituted legal trading, not fraud or market manipulation.
Filing for Acquittal
Eisenberg has filed a motion for judgment of acquittal, challenging the jury’s decision in his April conviction. The filing requests the court to overturn the verdict and acquit him or, alternatively, to grant a new trial. His legal team argues that the jury’s decisions were flawed and lacked sound legal and evidentiary support.
Convictions and Defense
Eisenberg was convicted of commodities fraud, commodities manipulation, and wire fraud in April. During the trial, his defense argued that his actions were part of a “successful and legal trading strategy” rather than criminal activity. Eisenberg’s trading strategy netted him approximately $100 million in cryptocurrency on the decentralized finance platform Mango Markets on October 11, 2022. Four days later, he publicly admitted to the exploit and subsequently returned about $67 million to Mango Markets. Eisenberg was arrested in Puerto Rico on December 26, 2022.
Legal Arguments
In his August 5 filing, Eisenberg outlines what he perceives as fundamental flaws in the prosecution’s case. The 77-page document highlights five major flaws, three of which are detailed in close arguments.
- Venue Dispute: Eisenberg contests the jurisdiction of the Southern District of New York, arguing that none of the alleged criminal acts occurred within this district.
- Wire Fraud Charge: Eisenberg’s team disputes the wire fraud charge, asserting that the prosecution failed to prove the location of any act related to his trades, including the location of any server. This, they argue, is critical in proving the use of interstate wire, which is necessary for the wire fraud charge.
Eisenberg’s motion emphasizes that the prosecution’s case had significant legal and evidentiary shortcomings. He seeks to have his convictions overturned or, at the very least, to be granted a new trial to reassess the evidence and charges.
