Mango Market exploiter files to keep $47M bounty payment

Mango Markets exploiter Avraham Eisenberg has petitioned the court to allow him to retain the disputed $47 million as part of his bounty payment agreement with the Protocol.

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

However, Mango Labs has moved to file a complaint against Eisenberg, arguing that the settlement agreement was entered into “under duress” and therefore invalid and unenforceable.

Attorneys defending Eisenberg motion On February 15, it argued that the settlement agreement was enforceable and valid.

Lawyers argued that Mango Markets was not under duress because it took a long time to consider the two proposals before finally approving the agreement.

Eisenberg has done his part and eligible Mango Market members have been reimbursed by Mango Market’s Treasury Department, lawyers said.

Additionally, the attorneys argued that Eisenberg’s lawsuit did not cause “irreparable harm” because it took Mango Labs more than three months before seeking a refund.

Attorneys allege that Mango Labs used an ongoing investigation by U.S. authorities to terminate the settlement agreement.

Eisenberg is currently indicted by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Journalist at CryptoSlate

Christian is a crypto-obsessed geek who loves exploring how protocols work under the hood. Christian has interests in DeFi protocol research, token economics, and on-chain analytics.