In October 2022, a Manhattan jury convicted crypto trader Avraham "Avi" Eisenberg for masterminding a $110 million fraud scheme against the decentralised finance (DeFi) protocol, Mango Markets.

Prosecutors revealed that Eisenberg used a fictitious identity to manipulate the market, artificially inflating the value of Mango's token, MNGO.

This scheme allowed him to exploit the DeFi protocol for his financial gain, highlighting vulnerabilities within the burgeoning crypto market and the need for enhanced security measures to protect investors from similar fraudulent activities.

Eisenberg's conviction serves as a cautionary tale for the crypto community, stressing the importance of vigilance and regulatory oversight to safeguard the integrity of decentralised financial systems.