On Tuesday, both sides made opening statements in the U.S. government's commodity manipulation and fraud trial against Mango Markets attacker Avi Eisenberg, according to Odaily Planet Daily. Assistant U.S. Attorney Tian Huang likened Eisenberg's behavior to that of a con man who offered a "beautiful fake diamond ring" as collateral and lured victims to lend him money. The U.S. government plans to use Eisenberg's private chats, public transactions, and flight records to prove that he knew his "huge fake bets" were illegal.
Eisenberg’s five-member trial team hinted that they intended to exploit the nascent nature of cryptocurrencies and their murky regulatory status to their advantage. Their defense appeared to hinge on the legality of Eisenberg’s alleged actions in a trading environment of high-risk, high-reward bets. Eisenberg netted $110 million from Mango Markets and risked losing $13 million.
Earlier news, the criminal fraud and manipulation trial of cryptocurrency trader Avi Eisenberg will officially start on Tuesday. The trial is expected to last for two weeks and will focus on whether Eisenberg violated the law and paralyzed Mango Markets, a cryptocurrency trading platform in the Solana ecosystem, by implementing the so-called "highly profitable trading strategy" in October last year.