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- 1 The exploiter of Mango Market is likely to face a court trial in the upcoming month.
- 2 Avi Eisenberg and his team reportedly used illegal tactics to manipulate Oracle prices, which resulted in the Mango Market hack.
- 3 The CFTC and the SEC filed a lawsuit against the company in 2023.
In the coming month, the alleged thief of Mango Market is expected to go on trial for allegedly stealing $100 Million. However, the victim platform is also facing severe regulatory pressure.
The post on Mango Market Discord states that the company is facing “inquiries” in the United States. The inquiries are entirely based on the hack in 2022, which cost hundreds of Millions of dollars.
However, the MangoDAO is currently voting on recruiting a representative who can ease the U.S. regulatory pressure on behalf of the Mango Market.
Before the massive wipeout of funds, Mango Market was in the limelight for its features and services, but the hack eroded its popularity. Dozens of reports highlight that Avi used illicit ways and tactics to steal Millions from the decentralized exchange.
Several other projects based on Solana-based blockchain are on their verge, and on the other hand, Mango Market is stuck in legal proceedings.
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission lodged a lawsuit against the company in 2023.
Mango Market Hack Explained
On October 12, 2022, Mango Market reported that it had been the victim of a hack. A hacker succeeded in manipulating Oracle prices and swapping liquidity. The cyberattack appears to have stolen close to $100 Million.
The hacker sponsored the economic exploit by depositing about $5.5 Million USDC into an account. They then traded against the MNGO token and used this to drop out of an ongoing futures contract.
As a result, MNGO’s value increased, which made it possible for the hacker to seize Mango Treasury Loans and siphon out liquidity before the company crashed.
Crypto Market Overview
In the past 24 hours, Bitcoin tumbled below $42k. But as of writing, it was trading at $43,899.52. However, BTC’s trading volume has not improved, and a 37.32% decline was seen.
In the past seven days, BTC grew over 4.26%, and in the past few days, the market capitalization of Bitcoin also showed significant improvement. As per the monthly time frame, the highest trading price of the market leader was above $45k.
It is important to note that the governance token of the Mango Market, MNGO, was trading at $0.01943, which is trading near its low. The all-time high of the token was $0.5102.
Other than Bitcoin and Mango Market governance tokens, several others showed significant growth since the first day of the ongoing year 2024.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
