A Controversial Trader at Mango Markets May Have Owned a $100M Exploit

The author of the $100 million assault on Mango Markets earlier this week has acknowledged his action.

Avraham Eisenberg, a digital art dealer, tweeted on Saturday that he had participated in Tuesday’s assault against the Solana DeFi protocol. Eisenberg argued in his acknowledgement that his team’s activities were lawful and ethical. Last week, he said, he was part of a team that used an extremely lucrative trading approach. “Even if the protocol’s creators didn’t foresee every possible outcome from their choices, I’m certain that everything we did was within the law since we followed the protocol’s stated guidelines for operating in the open market.”

He said that Mango Markets went bankrupt owing to his team’s transaction and that he was the poster who helped “reach a settlement” to compensate Mango users. The hacker, later identified as Eisenberg, proposed that the Mango DAO team utilise its USDC treasury to settle the bad debt in the governance forum shortly after the assault. Eisenberg and his team would get a bug reward for their assault, according to the plan. It was approved on Friday, granting Eisenberg and his colleagues $47 million.

Given the gravity of the affair, Eisenberg’s admission may come as a surprise, but suspicions about his participation in the deal had persisted in the crypto industry for days. The rumours surfaced for the first time on Wednesday, when investigative writer Chris Brunet revealed chain-of-custody evidence indicating that Eisenberg was responsible for the assault. Brunet established a compelling case based on a paper trail of questionable transactions, but Eisenberg’s article has dispelled any doubt that he was responsible for the assault.

Also Read: 50% Of UK Banks Enable Consumers To Communicate With Crypto Exchanges

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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