• Avraham Eisenberg exploited the decentralized finance protocol Mango Markets in October 2022 and made over $100 million.
• Eisenberg’s lawyers filed a motion seeking to keep $47 million as a bug bounty from the settlement agreement with the Mango DAO.
• 96.6% of eligible voters, representing 473,166 of the community, voted in favor of allowing Eisenberg to keep the remaining $47 million after returning $67 million.
Exploiters’ Attempts to Keep Funds
Avraham Eisenberg, a 27-year-old Puerto Rico man, had exploited the decentralized finance (DeFi) protocol Mango Markets in October 2022 and made over $100 million. In an attempt to keep part of this funds as his own bug bounty, Eisenberg’s lawyers filed a motion at the US District Court for the Southern District of New York on Wednesday. The attorney’s claim follows a settlement proposal from the Mango DAO which allowed Eisenberg to keep remaining assets worth around $47 million after returning crypto assets worth around $67 million back to the protocol upon agreement.
The voting results showed that 96.6% of eligible voters, representing 473,166 of the community were in favour for allowing Eisenberg to keep these remaining assets. This precedent was then followed by Eisenberg transferring crypto assets worth around $67 million back into he community following this agreement. The attorneys also disclosed that this case was settled and enforced with this vote and now they are looking to enforce these terms of deal so that he can legally acquire these funds as his own bug bounty reward.
The lawyer argued that their client had already fulfilled his part of agreement and is entitled to receive these funds as a bug bounty reward; regardless if it is ethically right or wrong since he had already returned enough funds back into he protocol according to terms set out within their agreement; hence why they are looking for support from courts in enforcing these terms so their client can gain access towards those funds legally and smoothly without any further complications or issues arising during such process .
Mango Market Exploitation
Eisenberg had gained access towards all these funds through exploiting some protocols found within Mango Markets which allowed him access towards various tokenized securities without having permission granted beforehand from parties involved within public sale; thus making it easier for him gain control over such amounts due lack security protocols present within platform at time when exploit occurred .
In conclusion , Avraham Eisenberg is trying use court system support his attempts gaining legal access towards remaining $47million kept aside as bug bounty reward; however whether he succeeds not remains be seen depending on whether court decides favor either side during trial period when comes down passing final judgement regarding matter presented before them .