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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Dare to trade. Dare to win.
Avi's Story of Transforming the MNGO Ecosystem
In 2022, on the Solana network, a crypto marketplace named Mango Markets was established. This place is like a large shop where people can store crypto assets as collateral and then borrow others. Everything was running smoothly—at least until a clever trader named Avraham “Avi” Eisenberg showed up.
Avi has an idea that, in the real world, is equivalent to raising the price of mangoes in the village market to the price of a new car. He buys a large amount of MNGO tokens and drives the price up high on the exchange, causing the Mango oracle—responsible for reporting market prices—to consider the value of his collateral has soared drastically.
Seeing on the screen that he is "recorded" to have collateral equivalent to the harvest of the entire province, Avi then borrowed all available assets on Mango Markets—totaling around 114 million UAD—from SOL, USDC, to other tokens. After that, the market became empty like the shelves of cooking oil at the beginning of the pandemic.
Instead of sneaking away, Avi actually appeared on Twitter and stated that this was merely a "very profitable trading strategy," not a hack. He even proposed peace: he would return some of the funds if there were no legal claims. The Mango DAO community, which may have been dizzy, eventually accepted the deal. Some funds were returned, the rest considered a giant "bug bounty"—a reward that could make an ordinary developer retire early.
However, in the United States, the government views this not just as price gouging, but as market manipulation. In April 2024, the court found Avi guilty of fraud and commodity manipulation. But the drama is not over yet. In May 2025, the judge overturned the verdict, clearing him of charges related to Mango Markets.
Finally, the story of Mango Markets and Avi Eisenberg has become a legend in the world of DeFi. A reminder that in crypto, traps are not only hidden in the code but also in its economic design—and sometimes, those who fall into them return home with a sack full of golden mangoes.