Avraham Eisenberg's Mango Inu Scam: A Crypto Cautionary Tale

Avraham Eisenberg's Latest Crypto Scheme

Avraham Eisenberg, known for exploiting Mango Markets, has launched Mango Inu, a meme coin he rug-pulled, earning $100k from a $250k investment in 30 minutes. He warned investors to avoid the coin, stating it's a guaranteed loss.

Defense of Legality

Eisenberg claims his actions are legal, as Mango Inu isn't a security and no promises were made, just open-market transactions, similar to his defense in the Mango Markets exploit.

Mixed Public Reaction

Reactions range from criticism, with some suggesting legal consequences, to admiration, with others seeking tips on replicating his strategy.

The Mango Markets Exploit

Eisenberg previously exploited Mango Markets for $114 million, returning $67 million under a deal granting him $47 million and immunity, claiming it was a legitimate trading strategy.

October's Crypto Theft Surge

October saw $718 million stolen in crypto hacks, as reported by Chainalysis, making it the worst month on record for crypto thefts.

A Warning to Investors

Eisenberg's actions underscore the risks in crypto, emphasizing the need for due diligence and caution with speculative projects.

This summary provides a clear, concise overview of Eisenberg's latest scheme and its implications for crypto investors.