Mango Markets sues Avraham Eisenberg for $47M in damages plus interest
Mango Labs, the company behind the decentralized finance (DeFi) protocol Mango Markets has come out with its own lawsuit against exploiter Avraham Eisenberg.
The Jan. 25 filing in the United States District Court for the Southern District of New York alleges Einseberg of exploiting its platform for millions of dollars worth of cryptocurrencies in October 2022.It asks for $47 million in damages plus interest starting from the time of the attack.It also asked the court to rescind an agreement made between Eisenberg and Mango’s related DAO and declare it to be “invalid and unenforceable.”The agreement was in relation to a governance proposal submitted by Eisenberg which asked the DAO to allow them to keep $47 million along with a stipulation that Mango Markets wouldn’t pursue criminal charges for the draining of its treasury.
In the latest complaint, Mango Labs alleged Eisenberg “was not engaged in lawful bargaining,” adding:On Oct. 11, 2022, an attacker drained around $117 million from Mango Markets’ treasury by manipulating the price oracle data of its native MNGO token, allowing them to take out under-collateralized loans.Afterward, Eisenberg outed himself as the attacker.
He claimed the exploit was a “highly profitable trading strategy” and that it was “legal open market actions, using the protocol as designed.”On Dec.
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