Judge Delays Sentencing for $100 Million Mango Markets Exploiter

The decision came after his defense team requested additional time to address details of the case.

In a filing dated January 7 in the US District Court for the Southern District of New York (SDNY), Judge Arun Subramanian approved the request to delay the sentencing.

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Originally set for December 12, the hearing had already been postponed once to February 11. The defense cited the complexity of sentencing issues as the reason for seeking more time. Federal prosecutors did not oppose the change.

If the court imposes the maximum penalties to be served consecutively, Eisenberg could face up to 20 years in prison.

Additionally, civil cases filed by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) remain on hold. Both regulatory agencies paused their actions in March 2023 but are expected to resume once the criminal case concludes.

Eisenberg’s case stems from his role in exploiting Mango Markets in October 2022. He manipulated the platform to drain over $100 million in assets.

While $67 million was returned following a community governance vote, he kept more than $40 million. Authorities arrested him in December 2022, and he has been in custody for about two years.

Meanwhile, Coinbase $1.14B recently secured a temporary pause in its SEC case. What did the federal judge say about it? Read the full story.