Avi's Story of Transforming the MNGO Ecosystem In 2022, on the Solana network, a crypto marketplace named Mango Markets was established. This place is like a large shop where people can store crypto assets as collateral and then borrow others. Everything was running smoothly—at least until a clever trader named Avraham “Avi” Eisenberg showed up. Avi has an idea that, in the real world, is equivalent to raising the price of mangoes in the village market to the price of a new car. He buys a large amount of MNGO tokens and drives the price up high on the exchange, causing the Mango oracle—responsible for reporting market prices—to consider the value of his collateral has soared drastically. Seeing on the screen that he is "recorded" to have collateral equivalent to the harvest of the entire province, Avi then borrowed all available assets on Mango Markets—totaling around 114 million UAD—from SOL, USDC, to other tokens. After that, the market became empty like the shelves of cooking oil at the beginning of the pandemic. Instead of sneaking away, Avi actually appeared on Twitter and stated that this was merely a "very profitable trading strategy," not a hack. He even proposed peace: he would return some of the funds if there were no legal claims. The Mango DAO community, which may have been dizzy, eventually accepted the deal. Some funds were returned, the rest considered a giant "bug bounty"—a reward that could make an ordinary developer retire early. However, in the United States, the government views this not just as price gouging, but as market manipulation. In April 2024, the court found Avi guilty of fraud and commodity manipulation. But the drama is not over yet. In May 2025, the judge overturned the verdict, clearing him of charges related to Mango Markets. Finally, the story of Mango Markets and Avi Eisenberg has become a legend in the world of DeFi. A reminder that in crypto, traps are not only hidden in the code but also in its economic design—and sometimes, those who fall into them return home with a sack full of golden mangoes.

On This Day in #Crypto## 🗓 July 29 2024: Sentencing Drama in the Mango Markets Case On July 29, the #crypto##community reflected on the ongoing saga surrounding Avraham Eisenberg, the figure behind the infamous Mango Markets exploit of 2022. Eisenberg’s manipulation of Mango Markets - a #DeFi protocol on #Solana - exposed #major vulnerabilities in decentralized finance. The exploit, which involved inflating the value of MNGO tokens to drain over $100 million from the platform, forced Mango Markets to return user deposits and ultimately shut down in early 2025. Eisenberg argued his actions were a “legal #trading strategy,” but a jury disagreed, convicting him in April 2024 of wire fraud, commodities fraud, and market manipulation. Prosecutors sought a lengthy sentence, highlighting the exploit’s devastating impact on both the protocol and its community. However, the case became more complex: Eisenberg was ultimately sentenced in May 2025 to over four years - specifically on unrelated charges, while his convictions in the Mango Markets case were later vacated by a judge in a dramatic turn in late May 2025. Why this matters ❓ • The Eisenberg case spotlights the evolving intersection of legal accountability and exploitation in DeFi. It raised questions about what constitutes fair trading, highlighted the persistent risks of price oracle manipulation, and showed just how quickly legal tides can turn - even after a high-profile conviction. Mango Markets’ demise also marked a cautionary tale for new #DeFi projects: robust security and protocol design remain critical to earning user trust and regulatory stability. Did you know? After the Mango Markets exploit, Eisenberg initially returned about $67 million to the protocol in a community-mediated settlement, but kept over $40 million. The platform’s attempted recovery couldn’t save it—Mango Markets officially shut down on February 3, 2025. Stay tuned for more “On This Day in Crypto” to learn how history keeps shaping the #blockchain world! 💛 $SOL

On This Day in #Crypto## 🗓 July 29 2024: Sentencing Drama in the Mango Markets Case On July 29, the #crypto##community reflected on the ongoing saga surrounding Avraham Eisenberg, the figure behind the infamous Mango Markets exploit of 2022. Eisenberg’s manipulation of Mango Markets - a #DeFi protocol on #Solana - exposed #major vulnerabilities in decentralized finance. The exploit, which involved inflating the value of MNGO tokens to drain over $100 million from the platform, forced Mango Markets to return user deposits and ultimately shut down in early 2025. Eisenberg argued his actions were a “legal #trading strategy,” but a jury disagreed, convicting him in April 2024 of wire fraud, commodities fraud, and market manipulation. Prosecutors sought a lengthy sentence, highlighting the exploit’s devastating impact on both the protocol and its community. However, the case became more complex: Eisenberg was ultimately sentenced in May 2025 to over four years - specifically on unrelated charges, while his convictions in the Mango Markets case were later vacated by a judge in a dramatic turn in late May 2025. Why this matters ❓ • The Eisenberg case spotlights the evolving intersection of legal accountability and exploitation in DeFi. It raised questions about what constitutes fair trading, highlighted the persistent risks of price oracle manipulation, and showed just how quickly legal tides can turn - even after a high-profile conviction. Mango Markets’ demise also marked a cautionary tale for new #DeFi projects: robust security and protocol design remain critical to earning user trust and regulatory stability. Did you know? After the Mango Markets exploit, Eisenberg initially returned about $67 million to the protocol in a community-mediated settlement, but kept over $40 million. The platform’s attempted recovery couldn’t save it—Mango Markets officially shut down on February 3, 2025. Stay tuned for more “On This Day in Crypto” to learn how history keeps shaping the #blockchain world! 💛 $SOL

The U.S. Federal Court for the Southern District of New York sentenced Mango Markets attacker Avraham "Avi" Eisenberg to four years in federal prison for possession of approximately 1,300 child sexual abuse images. The illegal content was discovered from his electronic devices when he was arrested in December 2022 on suspicion of manipulating the Mango Markets platform. Eisenberg has previously been convicted of manipulating the price of the MNGO token for illegally profiting more than $110 million, facing further sentencing and possibly up to 20 years in prison. （cryptonews）

This market manipulation on shit like $JELLY is very reminiscent of last bear market where $MNGO was manipulated by Avraham This sort of stuff doesn’t happen in healthy market conditions

Solana is a network worth buying because it offers ultra-fast transaction speeds, extremely low fees, and a continuously growing innovative ecosystem—especially in the realms of DeFi, NFTs, and decentralized applications. Here is a list of tokens on the Solana network that you should consider: Solana - SOL – the main token on the Solana network – target USD 200 Serum - SRM – the on-chain DEX protocol token for liquidity and trading – target USD 2.5 Raydium - RAY – an Automated Market Maker (AMM) and liquidity provider – target USD 4.0 Mango Markets - MNGO – an integrated financial platform offering spot trading, futures, and lending – target USD 0.50 Oxygen - OXY – a DeFi protocol for trading and lending – target USD 0.25 Saber - SBR – a platform for swapping stablecoins and tokens to maintain liquidity – target USD 0.30 Bonk - BONK – a popular meme coin with an active community – target USD 0.000015

DAILY GAINERS +101.9% +84.2% +53.7% +40.5% $MURA +27.5% $NATIX +26.3% $MNGO +25.2% $MSN +24.7% $MOVE +16.7% $TST +15.9%

【MangoMarkets reaches a settlement with the U.S. SEC and will gradually cease operations starting tomorrow】 On January 12th, according to Cointelegraph, Solana ecosystem decentralized exchange Mango Markets announced its closure on January 11th and requested users to close their positions as soon as possible. The platform will implement governance proposals starting from January 13th to adjust interest rates and collateral requirements, effectively terminating its lending business. In September 2024, the SEC accused Mango DAO and Blockworks Foundation of conducting unregistered securities sales. The SEC claimed that Mango raised over 70 million dollars by selling MNGO governance tokens in August 2021, violating the 1933 Securities Act. According to the settlement agreement, Mango DAO must pay a fine of 700,000 dollars, destroy the MNGO tokens, and apply for the delisting of the tokens from exchanges. In addition, the project also needs to pay a 500,000-dollar settlement to the CFTC. The project was attacked by hacker Avraham Eisenberg in October 2022, resulting in a loss of over 100 million US dollars. Currently, Eisenberg is still in custody, and the sentencing date has been postponed to April 10, 2025, facing a maximum of 20 years in prison.

🙋 #MNGO Mango Markets closes its operations

🇺🇸🍿 #MNGO The Community rejected a proposal to settle with the SEC.

#币圈观察员# SEC announced that it has reached a settlement with Mango Markets, a Decentralized Finance platform based on Solana. Mango DAO and its affiliated Blockworks Foundation will pay nearly $700,000 in fines, destroy its MNGO Token, and remove Mango Markets' native token from other trading platforms. A month ago, the DAO voted to settle with the SEC. Five days ago, the DAO also voted to settle with the CFTC, which means Mango DAO may need to pay more settlement money. The SEC restated its view that SOL is a security in the settlement document, stating that Solana Labs sold SOL to investors in the early days of Solana to fund blockchain development and attempted to increase the value and demand for SOL. The SEC pointed out that Solana Labs transferred 167 million SOL tokens to the Solana Foundation to expand and develop the Solana protocol ecosystem. The Solana Foundation has not commented on this. The SEC also mentioned Solana's transaction fee burning mechanism, believing it is one of the ways Solana allows investors to expect profits. Solana validators recently voted to remove the priority fee burning mechanism. If the SEC's argument is successful, it will be difficult for US investors to buy and sell SOL, which is a survival issue for the Solana network.

Mango Markets has agreed to a 700000 settlement with the sec for the unregistered sale of MNGO tokens . This development highlights the omgoing regulatory scrutiny in the crypto space that needs to be curbed.

The United States SEC filed settled charges against Mango DAO and Blockworks Foundation for “engaging in the unregistered offer and sale of crypto assets called “MNGO” tokens,” on Sept. 27 #Recommend some potential restaking coins#

The United States SEC filed settled charges against Mango DAO and Blockworks Foundation for “engaging in the unregistered offer and sale of crypto assets called “MNGO” tokens,” on Sept. 27 #Recommend some potential restaking coins#

Mango DAO, Blockworks Foundation settle SEC charges for $700K, agree to delist MNGO

Wu learned that the United States Securities and Exchange Commission (SEC) announced that it has brought enforcement actions against Mango DAO and Blockworks Foundation for the unregistered offering and sale of the 'MNGO' governance Token on the Mango Markets platform. According to the SEC, since August 2021, these entities raised over 70 million dollars through the unregistered Token sales. To settle the charges, Mango DAO, Blockworks Foundation, and Mango Labs have agreed to pay nearly 700,000 dollars in civil penalties and to destroy all MNGO Tokens, and this settlement protocol still requires court approval.

Mango Markets May Settle With CFTC Mango Markets, a decentralized crypto exchange, faces a potential six-figure settlement with the CFTC for allegedly failing to register as a commodities exchange and offering services to U.S. customers without proper checks. The proposed $500,000 fine by Mango DAO is pending approval by MNGO token holders and the CFTC commissioners.

DecentralizationencryptionexchangeMango Markets is considering a $500,000 settlement protocol with the Commodity Futures Trading Commission (CFTC). The exchange faces CFTC charges for being unregistered as a commodity exchange, illegally serving US customers, and not performing customer identity verification. Mango Markets' legal representation has proposed avoiding litigation by paying a fine, without admitting or denying any wrongdoing. The proposal needs to be voted by the governance token holders MNGO of Mango Markets to be approved, and the current results show that approval is likely. In addition, the protocol also needs to be approved by the commissioners of the CFTC. Previously, Mango Markets reached a settlement with the United States Securities and Exchange Commission (SEC) and paid a fine of about 700,000 US dollars.

just hoping for the best because everything is just a matter of time#MNGO#

🪐 The DAO based on Solana's UXD protocol is voting on whether to suspend its Stable Coin. According to the announcement of the Governance Committee on Monday, the stablecoin protocol UXD based on Solana will be closed, depending on the approval of the governance proposal. The team stated that they will return millions of dollars in insurance funds to Tokenholders and investors - a process that is expected to take two years to complete. "This decision was not made lightly, as UXD has successfully dealt with many challenges in the past. The UXD stablecoin remains stable under various market mechanisms and has been integrated into many top Decentralized Finance protocols on Solana, with a peak TVL of $40 million," the team wrote in a statement. "They continued, 'Therefore, we believe that terminating the project and returning the capital to the investors is the best utilization of capital and team resources.' Tokenholder will be able to vote on liquidation provisions, including how to distribute or destroy approximately $10 million worth of non-vesting UXP governance Token." 🌈 UXP launched by selling Tokens worth $57 million to 3,676 investors has pumped 40% since its announcement. Stakeholders will be able to vote in the next seven days. Despite being one of the most clear use cases for blockchain, many so-called Algorithmic Stable Coins have failed to find a product that suits the market. The team explained that due to the lack of Liquidity and interest, they are phasing out the protocol, calling the product "not exciting enough for Decentralized Finance users and not providing enough advantages compared to centralized stablecoins." The two largest stablecoins, Tether's USDT and Circle's USDC, have a total Market Cap of over 140 billion US dollars—although this number is mainly biased towards Tether stablecoin. Both assets are backed by cash and other investments held by asset management companies. UXD was launched in 2021. It transformed from a system that relied on perpetual futures Decentralizationexchange's delta-neutral hedging strategy to its 'Asset Liability Management Module', which pegs Stable Coin to the US dollar through 'various low volatility [assets] and income generation strategies'. Its current market capitalization is $7.45 million. ❄️Its original Perptual FuturesArbitrage strategy utilized the Drift Protocol and Mango Markets Decentralizationexchange. UXD suffered a major MNGO attack by Avraham Eisenberg, resulting in a loss of nearly 20 million USD, forcing a temporary halt to stablecoin minting. The UXD Token (not to be confused with the UXD Criptodólar launched by the Buenos Aires payment company Ripio) is currently backed by the Credix Fintech pool, which holds a large amount of illiquid investments, complicating the redemption process for the stablecoin. The team stated that it will mint enough UXD for holders to redeem their funds in USDC, although fully liquidating its reserves will take several months. At the same time, UXP holders can withdraw the insurance fund during the six-month token conversion phase. There are nearly 1 million votes in support of terminating the project plan in the DAO vote, with zero opposing votes. The UXD protocol, supervised by the DAO of the same name, raised $3 million in a seed funding round led by Multicoin Capital, with support from Alameda Research, CMS Holdings, Solana Foundation, and supporters such as Solana founders Anatoly Yakovenko and Raj Gokal. (tv-the block)

Eisenberg's lawyer argued that the government failed to prove the applicability of the Commodity Exchange Act to this case, and therefore the conviction for commodity trading should be overturned. The prosecutor did not prove that MNGO Perpetual is a futures trade, rather than a "pure security". The lawyers said, "The trial evidence shows that this price has nothing to do with Eisenberg, as he never attempted to sell any contracts, but instead profited from his ability to extract and borrow unclosed position positions."

Eisenberg's lawyers argue that the government has not proven that the Commodity Exchange Act applies to this case, so the conviction for commodity should be overturned. The prosecutor has not proven that MNGO Perpetual is a type of futures trading, rather than 'purely securities.' Lawyers say, 'The trial evidence shows that this price has nothing to do with Eisenberg, as he never attempted to sell any contracts, but instead used his ability to profit from extracting and borrowing unclosed position.'

#MNGO# is this good?

The latest recent events in the crypto world, only a personal summary, there may be omissions, others can be added downstairs. (Spot is Wang's original post, please mark for reprinting) 1. U.S. SEC Seeks Public Comment on BlackRock Amendments post-Ethereum Spot ETF application; 2. Grayscale submits an application for registration of Ethereum Mini Trust ETF; 3. FTX Real Estate's MNGO supports the Mango market back purchase proposals 4.LayerZero is coming up with TGE, and the application should be LayerZero Scan registration contract information; 5. Bounce Brand will launch Bounce in May Booster and Bounce M8A; 6.GuildFiGlobal rebranded as Zentry and pushed out of the "Battle of the Game" to reward the player; 7.Injective Governance Proposal Approved INJ3.0 Token by Jixue, INJ Deflation will be increased by four times; 8. Mina Protocol will integrate Celestia modularity Data availability layer to improve the throughput of zkApps; 9. Justin Sun transferred 2.525 billion USDT to BN and purchased more than 320,000 ETH;