Mango Markets
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 12 → 50. Problems weighed by who is responsible: incidents the subject suffered −12.8, concerns that are not fraud −3.2, problems around the subject, caused by others −2.4; legitimacy credit long-running +6; no longer operating, so capped at 50. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -12.8 |
| Problems around it, caused by others | -2.4 |
| Long-running | +6 |
| Sum | 53 |
- No longer operating, so capped at 50.
Score: 50/100 (kept between 0 and 100)
How scoring works →Summary
Mango Markets was a Solana-based decentralized trading platform offering spot trading, perpetual futures, and lending with cross-margining. In October 2022, trader Avraham Eisenberg executed an oracle manipulation attack, draining approximately $116–117 million from the protocol through artificially inflated MNGO collateral. The protocol subsequently faced enforcement actions from the DOJ, SEC, and CFTC, settled with regulators in 2024, and formally shut down in January 2025.
Connected Entities
3 entities · 60 linked investigations- Avraham Eisenberg→mentioned with→Mango Markets(80%)
- Mango Markets→mentioned with→Avraham Eisenberg(80%)
- Mango Markets→mentioned with→Solana(75%)
- Avraham Eisenberg→mentioned with→Solana(75%)
Connected Through
3 shared actors · 367 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Solanaorganization
- □Mango Marketsorganization
- □Avraham Eisenbergorganization
Timeline(15 events)
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.
Decision Log
- slot 455360487 · hash Ae1JVDDAGUhWooZQx4pz5DtLPAAL8WpYPqjPT1r3d3of
- slot 423210457 · hash HyyE63DZqPXdk7RLFgjdKfnsFtFCZJXLziqiCfEPStaj
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 21 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/30/2026, 6:25:30 PM
last updated: 10/10/2026, 6:41:26 PM
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