Crypto trader’s criminal trial set to test ‘code is law’ claim


The trial will apparently be the first time a US criminal jury will weigh what type of “DeFi” transactions are legal. — Bloomberg

NEW YORK: A jailed trader accused of stealing US$110mil on the Mango Markets exchange faces a criminal trial this week that will test the reach of a US crackdown on cryptocurrencies.Prosecutors charged Avraham Eisenberg with manipulating Mango Markets futures contracts on Oct 11, 2022, to boost the price of swaps by 1,300% in 20 minutes.

He then “borrowed” from the exchange against the inflated value of those contracts, a move the government claims was a theft.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Jinhua – a trading hub without borders
From the ashes of Fluff comes Big Mouth
AI disruption fears rock markets
Asia bonds for diversification
Private equity hits a sixer
US LNG exporters lead in gas use
Up in Arms - or up the value chain?
Ringgit closes higher against greenback on cautious market sentiment
T7 Global subsidiary appointed panel contractor for PETRONAS
YTL inks RM200mil naming rights deal with Aviva for Bristol arena

Others Also Read