American federal prosecutors have asked the judge Avraham “AVI” Eisenberg, the crypto user behind the $ 110 million exploitation of the Mango Markets exhibition, to be sentenced to at least six and a half years in prison. The prosecutors ask the court to impose a prison sentence of 78 to 97 months, as a punishment for Eisenberg’s crimes, including telephrudation and freight fraud.
The hearing on Eisenberg’s punishment is scheduled for 1 May 2025. This request was submitted on 22 April to a court in New York, where the prosecutors emphasize that the requested punishment is appropriate in view of the seriousness of the crimes.
Eisenberg convicted of fraud and possession of child pornography
In April 2024, Eisenberg was convicted of various criminal offenses, including fraud and manipulating goods in connection with Mango Markets. In addition, he was charged for the possession of child pornography. The prosecutors state that the prison sentence imposed as a warning against criminal behavior and to protect the public.
According to the prosecutors, Eisenberg has violated the law by investing more than $ 100 million and effectively stopping the stock market. According to them, the accused fraud is a serious violation of criminal law.
Mango Markets closes doors after losing millions
Mango Markets announced on January 11, 2025 to end his activities after the exhibition was hit hard by Eisenberg’s actions. The fair was founded in August 2021, but is expected to close on 3 February 2025.
During the trial in April 2024, Eisenberg’s legal team claimed that he had earned $ 110 million by using a legitimate trade strategy. Eisenberg returned around $ 67 million of the stolen money, but retained more than $ 40 million after a vote within the community administration.
Mango Markets requires compensation for loss
In a statement submitted on April 22, Mango Markets asked the court to grant compensation of $ 47 million. This amount should provide a reimbursement to all victims, including Mango Dao.
Although the damage due to Eisenberg’s attack cannot be completely undone, Mango Markets emphasizes that returning the stolen money is essential for recovery. The stock market states that the recovery of the money that Eisenberg darkened is an important step to limit the damage, although no amount can fully repair the reputation damage.
Delay in Eisenberg’s criminal case
Eisenberg was arrested in December 2022 and his criminal case has since been postponed several times. Originally the hearing was planned for December 2024, but it was moved to February 2025 and then to April 2025. Eisenberg’s Legal Team indicated that the delays had to do with the complexity of the penalty issues.
Source: https://newsbit.nl/eisenberg-riskeert-lange-gevangenisstraf-voor-mango-markets-exploitatie/
