The U.S. SEC accuses Mango developers of stealing $116 million by manipulating the MNGO token

2023-01-22 10:00:45

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ChainCatcher news, the U.S. Securities and Exchange Commission (SEC) has charged Mango Market developer Avraham Eisenberg with stealing $116 million by manipulating the price of the MNGO token.

According to the financial regulator, Eisenberg manipulated Mango Market by executing several large MNGO trades that exaggerated the token's value. This allowed him to drain all $116 million in assets held on the crypto platform. The regulator added that the MNGO token was offered and sold as a security.

The financial regulator stated that the exploitative behavior violated "the anti-fraud and market manipulation provisions of the securities laws." The commission also indicated that it is investigating other violations of securities laws. (Source link)

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