In a 77-page motion filed earlier this week, Mango Markets developer Avraham'Avi 'Eisenberg asked a judge to drop the fraud and commodity-related charges and request a new trial. His lawyers argued that the Southern District of New York was not the appropriate venue for the hearing, and said the government had failed to prove that Eisenberg intentionally manipulated the price of perpetual futures contracts at decentralized cryptocurrency exchange Mango Markets.
Mr. Eisenberg's lawyers said the government had not proved that the Commodity Exchange Act applied to the case, so the commodities conviction should be quashed. Prosecutors did not prove that MNGO Perpetual was a swap transaction and not a "pure security". "The evidence at trial showed that the price was entirely unrelated to Eisenberg, as he never attempted to sell any contracts, but instead profited from his ability to extract and borrow unpositioned squaring positions," the lawyers said.
According to court documents, the sentencing will take place on November 13.
Mango Markets developer asks judge to drop fraud and commodity-related charges
2024-08-08 19:53:27
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