$116 Million Cryptocurrency Charge From SEC!

The U.S. Securities and Exchange Commission (SEC) released 27-year-old U.S. citizen Avraham Eisenberg. cryptocurrency accused of attacking asset trading platform Mango Markets.

SEC Claims MNGO Token Is A Security And Eisenberg Stole $116 Million By Manipulating This Token

The SEC alleges that Eisenberg manipulated the MNGO token, a management token offered and sold as a security, and stole approximately $116 million worth of crypto assets from the platform.

The SEC’s complaint, filed in federal district court in Manhattan, accuses Eisenberg of violating the anti-fraud and market manipulation provisions of the securities laws and seeks permanent injunction, a behavioral injunction, biased interest and compensation, and civil penalties.

Eisenberg is currently awaiting transfer to the Southern District of New York, where he faces parallel criminal and civil charges brought by the Department of Justice and the Commodity Futures Trading Commission (CFTC), respectively. The SEC’s ongoing investigation is led by Kristin Pauley of Cryptocurrency Assets and Cyberspace.

According to the SEC statement, Eisenberg’s arrest and indictment serves as a warning to other individuals or entities who engage in similar behavior, as the SEC demonstrates its determination to root out market manipulation in the crypto market.

The SEC argued that it will continue to actively pursue individuals or entities engaged in illegal activities in the crypto market and work to protect investors and maintain fair and orderly markets.

*Not investment advice.

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