The trial of alleged Mango Markets exploiter Avraham Eisenberg, originally scheduled for December 4 of this year, has been postponed to April 8, 2024, according to court documents.
Eisenberg's attorneys asked for a delay after their client was "unexpectedly transferred" from his prison in New Jersey to the Metropolitan Detention Center (MDC) in Brooklyn — the same prison where Sam Bankman-Fried has been held since his bail was revoked this August.
Eisenberg's attorneys also argued that they needed more time to prepare a defense because of the "complex and novel legal and factual issues" and the volume of discovery produced by the government. Prosecutors, in opposing the motion, argued, "The defendant committed the charged offenses alone, in a single day, through a series of separate financial transactions," and that the defense had plenty of time to prepare.
"Very profitable trading strategy"
Eisenberg has been indicted by the Department of Justice, SEC, and CFTC in connection with his alleged $116 million exploitation of Mango Markets, which he claimed at the time was simply “an extremely profitable trading strategy.”
“I believe all of our actions were legitimate open market actions, using the protocol as designed, even though the development team did not fully anticipate all the consequences of setting the parameters as they were,” he said.
The wire fraud charge carries a sentence of up to 20 years in prison.
