Verify a decision

{"actor":"system:backfill","investigation_id":"d6806c3a-0529-467a-b5c6-7846f901b581","kind":"publish","page_slug":"mango-markets-v3","published_at":"2026-05-20T18:44:16.853Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Mango Markets V3","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://phemex.com/academy/what-is-mango-markets-mngo"},{"credibility":3,"name":"","type":"other","url":"https://defillama.com/protocol/mango-markets-v3"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.soliduslabs.com/post/mango-hack"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/markets/2022/10/12/how-market-manipulation-led-to-a-100m-exploit-on-solana-defi-exchange-mango"},{"credibility":3,"name":"","type":"other","url":"https://cointelegraph.com/news/how-low-liquidity-led-to-mango-markets-losing-over-116-million"},{"credibility":3,"name":"","type":"other","url":"https://immunebytes.com/blog/mango-markets-exploit-oct-11-2022-detailed-analysis/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.soliduslabs.com/post/mango-hack"},{"credibility":3,"name":"","type":"other","url":"https://www.elliptic.co/blog/analysis/mango-market-exploit-defi-loses-nearly-900-million-to-hackers-in-costliest-30-days-on-record"},{"credibility":3,"name":"","type":"other","url":"https://www.cftc.gov/media/8046/enfeisenbergcomplaint010923/download"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/newsroom/press-releases/2023-13"},{"credibility":3,"name":"","type":"other","url":"https://www.cftc.gov/PressRoom/PressReleases/8647-23"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/policy/2024/04/18/mango-markets-exploiter-avi-eisenberg-found-guilty-of-fraud-and-manipulation"},{"credibility":3,"name":"","type":"other","url":"https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case"},{"credibility":3,"name":"","type":"other","url":"https://www.dlnews.com/articles/regulation/avi-eisenberg-gets-4-year-sentence-but-not-for-mango-exploit/"},{"credibility":3,"name":"","type":"other","url":"https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://cointelegraph.com/news/mango-markets-hacker-proposes-steep-settlement"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2022/10/15/114m-mango-markets-exploiter-outs-himself-returns-most-of-the-money"},{"credibility":3,"name":"","type":"other","url":"https://www.theblock.co/post/334172/mango-markets-to-wind-down-in-wake-of-sec-settlement-dao-battle"},{"credibility":3,"name":"","type":"other","url":"https://finance.yahoo.com/news/mango-markets-wind-down-operations-073813787.html"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/tech/2023/08/07/crypto-exchange-mangos-legal-bills-swell-a-year-after-alleged-116m-heist"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/tech/2022/10/20/defi-exchange-mangos-114m-exploit-was-market-manipulation-not-a-hack-ex-fbi-special-agent-says"},{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/newsroom/press-releases/2023-13"},{"credibility":3,"name":"","type":"other","url":"https://decrypt.co/322183/mango-markets-attacker-conviction-overturned-why"}]}],"sources_used":[],"summary":"Mango Markets V3 was a Solana-based decentralized margin trading protocol that suffered a $116 million oracle manipulation attack in October 2022 executed by Avraham Eisenberg, who artificially inflated the MNGO token price to extract funds against fabricated collateral. The protocol subsequently reached a partial recovery settlement, faced SEC and CFTC enforcement actions, and formally wound down operations by January 2025.","timeline":[{"date":"2021-03-01","event":"Mango Markets founded by Daffy Durairaj and Max Schneider to bring margin trading and derivatives to Solana.","source":""},{"date":"2022-10-11","event":"Avraham Eisenberg executes oracle manipulation attack over approximately 40 minutes, extracting $116 million from Mango Markets V3 by inflating MNGO price 2,394% and borrowing against fabricated collateral.","source":""},{"date":"2022-10-12","event":"Eisenberg posts anonymous governance proposal to Mango DAO offering to return $67 million and retain $47 million as a self-declared bug bounty in exchange for immunity.","source":""},{"date":"2022-10-15","event":"Mango DAO votes to accept the settlement proposal. Eisenberg publicly identifies himself and returns $67 million to the protocol treasury.","source":""},{"date":"2022-12-01","event":"FBI arrests Avraham Eisenberg in Puerto Rico on charges of commodities fraud and manipulation.","source":""},{"date":"2023-01-09","event":"CFTC files civil enforcement complaint against Eisenberg for misappropriating over $110 million from Mango Markets.","source":""},{"date":"2023-01-20","event":"SEC charges Eisenberg with anti-fraud and market manipulation violations, alleging MNGO was an unregistered security.","source":""},{"date":"2023-08-07","event":"CoinDesk reports Mango Labs has exhausted its entire 2023 operating budget on legal fees by mid-year.","source":""},{"date":"2024-04-18","event":"Federal jury in the Southern District of New York convicts Eisenberg on all counts: commodities fraud, commodities manipulation, and wire fraud.","source":""},{"date":"2024-09-01","event":"Mango DAO reaches settlement with SEC: agrees to destroy all MNGO tokens, delist from exchanges, and pay $700,000 in civil penalties. Separate CFTC settlement adds approximately $500,000.","source":""},{"date":"2024-10-01","event":"Mango Markets announces wind-down of all operations following SEC settlement and internal DAO disputes.","source":""},{"date":"2025-01-01","event":"Mango Markets V3, V4, and Boost products fully discontinued. Project officially ceases operations.","source":""},{"date":"2025-01-01","event":"Eisenberg sentenced to four years and four months in federal prison for possession of child sexual abuse material discovered on his devices at arrest.","source":""},{"date":"2025-05-23","event":"U.S. District Judge Arun Subramanian vacates all criminal convictions against Eisenberg related to the Mango Markets exploit, citing venue deficiency and insufficient evidence of wire fraud misrepresentation. SEC and CFTC civil suits remain active.","source":""}]},"v":1}