Fraud trial of Mango Markets exploiter behind alleged $116M theft pushed to April
Lawyers representing the $116 million Mango Markets exploiter have convinced a judge to postpone the fraud trial until April 8, 2023.
Avraham Eisenberg’s fraud trial was set to commence on Dec. 4 but several circumstances impacted his trial preparations, according to his lawyers, who filed a successful motion for a continuance to District Court Judge Arun Subramanian on Nov. 2.
“As discussed in today’s conference, the motion for continuance is GRANTED. Trial in this case will begin on April 8, 2024,” Subramanian stated in a Nov. 3 court filing.
U.S. prosecutors contested the motion for continuance but were unsuccessful. Subramanian also ordered United States prosecutors and Eisenberg’s lawyers to submit a revised schedule for pretrial motions and submissions by Nov. 7.
Despite confessing his involvement in the Mango Markets exploit, Eisenberg plead not guilty to three criminal counts for commodities fraud, commodity manipulation and wire fraud in June.
In the motion, Eisenberg’s attorneys said they needed more time to sift through discovery materials submitted by U.S. prosecutors.
“The government has produced voluminous discovery in this case on a rolling basis […] which the defense is still analyzing and conferring with the client about.”
The lawyers added that they lost time to prepare with Eisenberg when he was “unexpectedly” transferred to the Metropolitan Detention Center (MDC) in Brooklyn on Oct. 26.
Eisenberg wasn’t permitted to transfer the discovery materials, which he annotated along with other legal paperwork relevant to the trial.
“The move to the MDC has already, and will continue to, severely inhibit defense counsel’s access to Mr. Eisenberg,” the lawyers added.
MCD is the prison which former FTX CEO Sam Bankman-Fried returned to after he was convicted on all seven fraud-related charges on Nov. 2.
Related: How low liquidity led to Mango Markets losing over $116 million
The Securities and Exchange Commission also charged Eisenberg on Jan. 20, alleging that he manipulated the Mango Markets governance token, MNGO, by taking out “massive loans” against its inflated collateral and draining Mango’s treasury of around $116 million.
Mango Markets is now also suing Avraham Eisenberg, seeking the return of the remaining $47 million he stole.https://t.co/7pDoHuigH4 https://t.co/H48nPPl13h
— web3 is going just great (@web3isgreat) January 26, 2023
It followed Eisenberg’s arrest in Puerto Rico about three weeks earlier on Dec. 27.
Eisenberg publicly confessed to the exploit on Oct. 15, 2022, arguing that his actions were completely legal. He initially sent back $67 million to Mango Markets’ decentralized autonomous organization as part of a bounty deal. However the team behind Mango Markets later sued Eisenberg for $47 million in damages plus interest.
Magazine: Should crypto projects ever negotiate with hackers? Probably
Politics
MP Zarah Sultana who was ousted from Labour announces she is starting new political party with Jeremy Corbyn
An MP who was ousted from the Labour Party has announced she is setting up a new political party with Jeremy Corbyn.
Independent MP Zarah Sultana said she and the former Labour leader will co-lead the new party, which she did not provide a name for.
She said other independent MPs, campaigners and activists from across the country will join them, but did not name anyone.
Politics latest: Zarah Sultana’s stinging resignation letter
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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Protesters block Israeli arms manufacturer in Bristol
On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”
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