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Mango Markets Manipulator MNGO Claim To Have Pocketed $100k in Meme Coin Rug Draw By DailyCoin

Mango Markets Manipulator MNGO Claim to Have Pocketed $100k in Meme Coin Rug Draw

After another controversial move, Avraham Eisenberg (the self-declared mastermind behind the attack on Mango Markets (MNGO), a Solana-based, decentralized financial platform) has once more been the center of attention.

In a tweet shared by Eisenberg on Sunday, October 23rd, the infamous Mango Markets exploiter revealed that he had created, deployed, and rug-pulled a new meme coin called “Mango Inu”. Eisenburg claims that he did not promote the coin but investors and allegedly bots still invested $250,000 in the token in just 30 minutes.

Eisenberg disclosed that he had “only” managed to make $100,000 because “bots front ran the liquidity pull”. He then went on to warn users on Twitter not to buy the coin, emphasizing: “To be clear, if you buy this you will definitely lose all your money”.

As with the Mango Markets attack, Eisenberg was quick to defend his actions and insist on their legalality because the coin “is definitely not a security (no marketing, etc), no promises were made, just open market liquidity transactions”.

As with Eisenberg’s initial reveal, the event was met with mixed reactions. One user jabbed at the Mango manipulator, saying “you’re literally asking for jail”. Another questioned his morals, asking whether he possesses “a single bit of ethics”, to which Eisenberg answered: “Avraham did nothing wrong”.

But, Eisenberg is not the only one who has been applauded for his use of bots. Others are looking for tips on how to do this for themselves. “Teach me master lol,” one user said.

Eisenberg was first in the spotlight after allegedly taking $114 million from Mango Markets. the exploit was achieved by temporarily spiking Mango’s collateral value before taking out a series of massive loans from the Mango treasury.

The attacker then presented a proposal for the repayment of $67 million if Mango agreed that it would repay its users without any bad debt or remaining debt. The proposal, which passed, also granted Eisenberg’s bold assertion that he would get to keep $47 million as a bounty reward, and immunity to criminal charges. Revealing himself as the perpetrator, Eisenberg justified his actions “a highly profitable trading strategy” that was “legal”.

October was the most stolen month in crypto history. Chainalysis data indicates that hackers have stolen $718million in the first half of October.

The Flipside

  • Eisenberg has not been charged with any criminal offense for his illicit crypto adventures.
  • Any entity or individual looking to press charges would likely find a lot of potential confessional evidence on Eisenberg’s Twitter.

Why you should care

The Mango Inu tale serves as a reminder of the fact that anyone can make a crypto token or coin. Investors should be cautious about investing in speculative projects and do their research before making any investment.

You might also like:

Mango Markets (MNGO), Initiates a Vote for Victims of $114M Exploit

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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