Avraham Eisenberg, the 27-year-old Puerto Rican who made more than $100 million exploiting the decentralized finance (DeFi) protocol Mango Markets in October 2022, is seeking to keep part of the funds as a bug bounty.
In a court document archived In the US District Court for the Southern District of New York on Wednesday, Eisenberg’s lawyers asserted that the exploiter had already returned a sufficient amount of the funds, referring to the $67 million he returned to the protocol after of the incident and demands to keep the remaining assets for himself.
Lawyers: Eisenberg is entitled to $47 million
According to the motion, the lawyer’s claim follows a proposed settlement by the Mango DAO, which voted to allow Eisenberg to keep the remaining $47 million after repaying the $67 million.
96.6% of voters, representing 473,166 in the community, voted in favor of the proposal against only 3.4%, setting a precedent for the deal.
Eisenberg then transferred around $67 million worth of crypto assets to the community following the deal. The lawyers revealed that the case was settled by the vote and that he now seeks to enforce the terms of the deal.
“Weeks later, eligible Mango Markets members received a refund from the Mango Markets treasury. At that time, this matter was closed by all involved and Mr. Eisenberg heard nothing more from Mango Markets,” the lawyers said.
However, Mango Markets claims that it came under pressure during the voting period, as the platform lost $116 million of its users’ assets and was seeking to recover the money.
In this sense, the DeFi protocol opened a argument in court, which was opposed by Eisenberg’s lawyers, seeking emergency relief in obtaining monetary compensation.
Mango sought the assistance of the court to recover the $47 million as payment for damages and interest from the day of the exploit last year. The protocol also alleged that Eisenberg “did not engage in legal negotiations” during the recovery process.
However, Eisenberg’s lawyers refuted the claims, noting that the “inappropriate delay of three months” for Mango to file its lawsuit “undermines any alleged irreparable harm.”
The lawyers also argued that the lawsuit seeks to take advantage of Eisenberg’s December. arrest in Puerto Rico by the authorities of the United States.
Earlier this month, Eisenberg was indicted by the US Securities and Exchange Commission (SEC) for exploiting Mango Markets and using sophisticated software to manipulate his native cryptocurrency, MANGO.
The SEC charges come after the Commodities Future Trading Commission (CFTC) accused Eisenberg of violating commodity rules.
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This post Mango Markets exploiter Avraham Eisenberg wants to keep $47 million as a reward
was published first on https://cryptopotato.com/mango-markets-exploiter-avraham-eisenberg-wants-to-keep-47m-as-bounty/