Hey Guys,
Last week, we had a pretty high profile crypto arrest. And no, I am not talking about SBF or anything to do with FTX. I am talking about the arrest of a one Avi Eisenberg – the Mango Markets exploiter.
For those who don't know, Avi was the hacker who admitted and then bragged about hacking the Mango Markets futures DEX. He was also quite adamant that his actions (which stole $110m from Mango users) was completely legal and that nobody would pursue him legally.
Well, clearly the DOJ and the FBI disagreed.
That aside, his arrest and subsequent prosecution is going to have very interesting implications for the Defi space. That's because not only does it challenge the assertion that “code is law” but it showed that market manipulation in the crypto space is indeed very illegal.
In my video today, I take you through the Mango Markets exploit and how it happened. I also explain what could happen to the Defi space now that it's clear the authorities could be more forceful. Will this make it safer or less so? Could we see similar cases being opened against others who knowingly manipulated crypto markets?
This was definitely an interesting video to break down so I hope you enjoy it!
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⛓️ 🔗 Useful Links 🔗 ⛓️
Fortress DAO Hack: https://karlstack.substack.com/p/anat…
Failed Aave Exploit: https://decrypt.co/115390/mango-marke…
Mango Attack Explained: https://twitter.com/mangomarkets/stat…
Charging Documents: https://twitter.com/SummersThings/sta…
Indexed Finance: https://www.bloomberg.com/news/featur…
Jump Bails Terra: https://twitter.com/FatManTerra/statu…
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
