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{"actor":"system:backfill","investigation_id":"7ccdcb2f-1018-4e67-8e68-e238adcf10d4","kind":"publish","page_slug":"mango-markets","published_at":"2026-05-30T18:25:33.915Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Mango Markets","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/mango-markets","type":"other","url":""},{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2024-154","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/334172/mango-markets-to-wind-down-in-wake-of-sec-settlement-dao-battle","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.soliduslabs.com/post/mango-hack","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/markets/2022/10/12/how-market-manipulation-led-to-a-100m-exploit-on-solana-defi-exchange-mango","type":"other","url":""},{"credibility":3,"name":"https://www.cftc.gov/PressRoom/PressReleases/8647-23","type":"other","url":""},{"credibility":3,"name":"https://immunebytes.com/blog/mango-markets-exploit-oct-11-2022-detailed-analysis/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cointelegraph.com/news/mango-market-s-dao-forum-set-to-approve-47m-settlement-with-hacker","type":"other","url":""},{"credibility":3,"name":"https://mcmillan.ca/insights/part-2-of-mcmillan-series-defi-platform-mango-loses-117-million-in-smart-contract-exploit-is-mangos-settlement-with-the-exploiter-enforceable-and-what-does-it-mean-for-daos/","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/120054/mango-labs-sues-avraham-eisenberg-mango-markets-exploit","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.justice.gov/archives/opa/pr/man-convicted-110m-cryptocurrency-scheme","type":"other","url":""},{"credibility":3,"name":"https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/355666/u-s-judge-overturns-fraud-convictions-of-mango-markets-exploiter-eisenberg-determining-improper-venue","type":"other","url":""},{"credibility":3,"name":"https://www.dlnews.com/articles/defi/prosecutors-appeal-acquittal-of-mango-markets-exploiter/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cftc.gov/PressRoom/PressReleases/8647-23","type":"other","url":""},{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2023-13","type":"other","url":""},{"credibility":3,"name":"https://www.sec.gov/newsroom/press-releases/2024-154","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2024/09/27/mango-markets-agrees-to-destroy-mngo-tokens-in-sec-settlement","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/mango-markets-contemplates-six-figure-settlement-with-cftc","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.dlnews.com/articles/regulation/avi-eisenberg-gets-4-year-sentence-but-not-for-mango-exploit/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/352835/mango-markets-exploiter-avraham-eisenberg-sentenced-to-four-years-inner-city-press","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://decrypt.co/120054/mango-labs-sues-avraham-eisenberg-mango-markets-exploit","type":"other","url":""},{"credibility":3,"name":"https://dockets.justia.com/docket/new-york/nysdce/1:2023cv00665/592995","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.theblock.co/post/334172/mango-markets-to-wind-down-in-wake-of-sec-settlement-dao-battle","type":"other","url":""},{"credibility":3,"name":"https://dailyhodl.com/2025/01/14/solana-based-dex-mango-markets-shutting-down-following-sec-and-cftc-2024-enforcement-actions/","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/mango-markets","type":"other","url":""}]}],"sources_used":[],"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.","timeline":[{"date":"2021-08-01","event":"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.","source":""},{"date":"2021-11-01","event":"Mango Markets reaches peak TVL of approximately $210 million.","source":""},{"date":"2022-10-11","event":"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.","source":""},{"date":"2022-10-15","event":"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.","source":""},{"date":"2022-10-15","event":"Eisenberg posts thread on Twitter claiming his actions constituted 'legal open market actions, using the protocol as designed.'","source":""},{"date":"2022-12-23","event":"DOJ files criminal complaint in SDNY charging Eisenberg with commodities fraud, commodities manipulation, and wire fraud; Eisenberg arrested in Puerto Rico.","source":""},{"date":"2023-01-09","event":"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.","source":""},{"date":"2023-01-20","event":"SEC charges Eisenberg with violations of anti-fraud and market manipulation provisions of securities law, characterizing MNGO as a security.","source":""},{"date":"2023-01-25","event":"Mango Labs LLC files civil lawsuit against Eisenberg seeking $47 million plus interest and seeking to void the DAO settlement agreement.","source":""},{"date":"2024-04-18","event":"Following a nine-day jury trial in Manhattan, Eisenberg convicted on all three counts: commodities fraud, commodities manipulation, and wire fraud.","source":""},{"date":"2024-09-27","event":"Mango DAO, Blockworks Foundation, and Mango Labs settle SEC charges for $700,000; agree to destroy MNGO tokens and seek delisting from trading platforms.","source":""},{"date":"2024-09-01","event":"Mango DAO votes on a proposed $500,000 settlement with the CFTC for alleged failure to register as a commodities exchange and related violations.","source":""},{"date":"2025-01-13","event":"Mango Markets formally shuts down all operations including trading, lending, and borrowing.","source":""},{"date":"2025-05-23","event":"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.","source":""},{"date":"2025-05-01","event":"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.","source":""}]},"v":1}