Mango Markets was a crypto exchange built on the Solana blockchain that looked a lot like the now bankrupt FTX.
Friday against Avraham Eisenberg, a trader who exploited the same weakness on Mango Markets that ultimately brought down FTX: a token that was designed to become more valuable the more people used its underlying exchange.He was arrested on Dec. 26, 2022, and is being held in Puerto Rico.
The mango token was cheap and didn't get traded much. Nevertheless, Mango Markets permitted futures positions on the token to be used as collateral to borrow other cryptocurrencies that users deposited to earn interest. Then he went onto the open market and started buying mango aggressively on three different exchanges.MNGO price shot up from $0.0382 to $0.91, or 23X. This made the value of his futures bet go up 13X.
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