A jailed trader who majored in maths is accused of stealing millions. His criminal trial touches on a big argument within the world of crypto.
A jailed trader accused of stealing $US110 million on the Mango Markets exchange is facing a criminal trial that will test the reach of a US crackdown on cryptocurrencies.
Eisenberg, a self-described “applied game theorist”, claims his actions weren’t theft at all. Rather, he says, he legally exploited a weakness in the decentralised finance application. The trial will apparently be the first time a US criminal jury will weigh what type of “DeFi” transactions are legal.In the crypto world, where digital blockchains govern who owns what, the virtual ecosystem is built around the notion that “code is law”.
In a deal with the Mango DAO, Eisenberg agreed to return $US67 million of what he’d gotten from depositors in exchange for them agreeing to release him from legal claims and not pursuing his prosecution. In screening potential jurors, Subramanian dismissed one woman who said she had “very negative views of crypto.“
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