Crypto Trader’s Convictions Vacated in Mango Markets Fraud Case

A trader charged in the first US case tied to cryptocurrency manipulation won a legal challenge to overturn his convictions for exploiting Mango Markets rules to steal $110 million from the exchange.

US District Judge Arun Subramanian on Friday vacated Avraham Eisenberg’s fraud and manipulation convictions and acquitted him of a third charge. The judge ruled that the trial evidence didn’t support the jury’s decision that Eisenberg had made false representations to Mango Markets, a decentralized finance platform run by smart contracts.

The US Justice Department now must decide whether to prosecute Eisenberg, 29, on the two vacated charges, though ...