SEC Sues Eisenberg for Draining Mango Markets, Alleges MNGO a Security

The Securities and Exchange Commission on Friday charged DeFi trader Avraham Eisenberg over his draining of $116 million from Solana-based decentralized exchange Mango Markets.

The SEC’s charges rest on the agency’s assertion that MNGO, Mango Markets’ governance token, is a security. Holders of MNGO can use their tokens to vote in decisions governing Mango Markets’ operations.

Eisenberg already faced criminal commodities fraud charges for his admitted role in orchestrating the “highly profitable trading strategy” against Mango Markets last October.

This story will be updated