Mango Market exploiter files to keep $47M bounty payment

Mango Markets’ exploiter Avraham Eisenberg has motioned the court to allow him to keep the disputed $47 million as part of his bounty payment agreement with the protocol.

Following the $114 million Mango Markets’ hack on Oct. 11, 2022, Avraham Eisenberg reached an agreement with the protocol to return up to $67 million and keep the remaining as a bounty.

However, Mango Labs moved to file a motion against Eisenberg, alleging that the settlement agreement was reached “under duress,” therefore invalid and unenforceable.

Lawyers defending Eisenberg filed a motion on Feb. 15 to argue that the settlement agreement was enforceable and valid.

The lawyers argued that Mango Markets was not under duress as it took an extended time to deliberate on two proposals before finally approving the agreement.

Eisenberg did his part and eligible Mango markets members received reimbursement from the Mango Markets treasury, the lawyers said.

Additionally, the lawyers argued that Eisenberg’s action had no “irreparable harm” as it took Mango Labs over three months before seeking a refund.

The lawyers claimed that Mango Labs was taking advantage of ongoing investigations by U.S. authorities to turn back on the settlement agreement.

Eisenberg is currently facing charges from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Journalist at CryptoSlate

Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.