Avraham “Avi” Eisenberg has filed a motion for judgment of acquittal in the case against him for felonies related to the Mango Markets exploit. Eisenberg was found guilty of those charges in April.
The memorandum of law filed by Eisenberg casts doubt on the soundness of the jury’s decisions in that case and asks the court to set aside the verdict and let him go free. Failing that, a new trial is requested.
Mango Markets: Fraud or skillful trading?
In April, Eisenberg was convicted of commodities fraud, commodities manipulation and wire fraud. During his two-week trial, Eisenberg’s defense argued that he had not committed any crimes but had rather implemented a “successful and legal trading strategy.”
Through that trading strategy, Eisenberg obtained about $100 million in cryptocurrency on the decentralized finance platform Mango Markets on Oct. 11, 2022. Eisenberg revealed himself to be the exploiter on Oct. 15, 2022, in a post thread on X. Eisenberg also returned about $67 million to Mango Markets. He was arrested in Puerto Rico on Dec. 26, 2022.
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In his Aug. 5 filing, Eisenberg states that the prosecution “suffered from a series of fundamental flaws, both legal and evidentiary.” The document lists five “flaws” in the government’s case.
Trying to get the case thrown out
Three flaws in the counts against Eisenberg are addressed in a closing argument in the 77-page filing. In addition, it disputes the venue of the conviction — the Southern District of New York District Court — as “not a single act performed in connection with the crimes of conviction took place in this District.”
Finally, the filing disputes the charge of wire fraud. It states:
“Because it never proved the location of any act in furtherance of his trades, including the location of any server, the government failed to prove that Mr. Eisenberg used an interstate wire, requiring dismissal of the wire fraud charge.”
Eisenberg’s sentencing was scheduled for July 29, but it does not appear that it took place. Eisenberg faces up to 20 years in prison for the crimes he has been convicted of.
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