Mango Markets

August 2021

Mango DAO and Blockworks Foundation begin raising funds through MNGO token sales; more than $70 million raised from hundreds of investors worldwide, later alleged by the SEC to constitute unregistered securities offerings.

November 2021

Mango Markets reaches peak TVL of approximately $210 million.

11 October 2022

Avraham Eisenberg executes oracle manipulation attack, pumping MNGO price over 2,300 percent via purchases on three spot exchanges and draining approximately $116 million in user funds from Mango Markets' lending pools.

15 October 2022

Mango DAO holds governance vote; approximately 98 percent of voters approve a settlement allowing Eisenberg to retain $47 million in exchange for returning roughly $67 million and the DAO's agreement not to pursue criminal charges.

15 October 2022

Eisenberg posts thread on Twitter claiming his actions constituted 'legal open market actions, using the protocol as designed.'

23 December 2022

DOJ files criminal complaint in SDNY charging Eisenberg with commodities fraud, commodities manipulation, and wire fraud; Eisenberg arrested in Puerto Rico.

9 January 2023

Federal grand jury returns indictment on three criminal counts; CFTC simultaneously files civil charges against Eisenberg for oracle manipulation, marking the CFTC's first such enforcement action on a decentralized exchange.

20 January 2023

SEC charges Eisenberg with violations of anti-fraud and market manipulation provisions of securities law, characterizing MNGO as a security.

25 January 2023

Mango Labs LLC files civil lawsuit against Eisenberg seeking $47 million plus interest and seeking to void the DAO settlement agreement.

18 April 2024

Following a nine-day jury trial in Manhattan, Eisenberg convicted on all three counts: commodities fraud, commodities manipulation, and wire fraud.

27 September 2024

Mango DAO, Blockworks Foundation, and Mango Labs settle SEC charges for $700,000; agree to destroy MNGO tokens and seek delisting from trading platforms.

September 2024

Mango DAO votes on a proposed $500,000 settlement with the CFTC for alleged failure to register as a commodities exchange and related violations.

13 January 2025

Mango Markets formally shuts down all operations including trading, lending, and borrowing.

23 May 2025

U.S. District Judge Arun Subramanian vacates all three criminal convictions against Eisenberg, ruling that venue was improper in SDNY and that the wire fraud charge lacked a material misrepresentation given the absence of terms of service on the platform.

May 2025

Eisenberg sentenced to four years and four months in prison on a separate charge of possession of child sexual abuse material discovered during his arrest; prosecutors appeal the crypto-related acquittal.