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Mango Markets Hacker Launches Court Battle to Retain $47M in Contested Funds

2 mins
Updated by Geraint Price
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In Brief

  • Avraham Eisenberg has asked the court to let him retain $47 million.
  • Eisenberg's lawyers say that the Mango Labs filing lacks the likelihood of success.
  • He has been in custody since December.
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Avraham Eisenberg has shot back at Mango Markets and refused to return the $47 million he “extracted” from the decentralized finance (DeFi) lender.

The ongoing drama between DeFi protocol Mango Markets and the “applied game theorist” has entered a new phase. According to a Wednesday filing, Avraham Eisenberg, the trader responsible for the $114 million attack on Mango Markets, has requested the court to allow him to retain the $47 million bounty.

Duress Is More Than Three Months Too Late

After Eisenberg extracted $114 million from the lender, the protocol was at risk of insolvency. Hence, he entered an agreement with the Mango Decentralized Autonomous Organization (DAO) to make the users’ funds whole. According to the agreement, Eisenberg kept $47 million as a bounty and returned the remaining $67 million.

But, Mango Labs sued the hacker last month, claiming he forced the DAO to enter the agreement under duress. In reply, Eisenberg’s lawyers submitted the opposition to return the $47 million to the U.S. District Court Southern District of New York.

The court document reads, “Mango Labs presents a woefully incomplete and, in many instances, outright false narrative.” The filing further mentions that Mango Labs provided zero evidence of duress, and the duress is “more than three months too late.”

The lawyers say that the Mango Labs filing lacks the likelihood of success on the merits because it fails to prove “irreparable harm, damages, and duress.”

Legal Charges Against Mango Markets Hacker

Eisenberg is facing multiple charges from the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Commodities Future Trading Commission (CFTC.) The Department of Justice arrested him in Puerto Rico in December for fraud and manipulation.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...