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The hacker who hacked the crypto platform Mango says: I did nothing wrong!

Posted on December 4, 2022 by admin

The hacker who hacked the crypto platform Mango says: I did nothing wrong!

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Answer The hacker who hacked the crypto platform Mango says: I did nothing wrong!

Believes Avraham Eisenberg, the programmer and cryptocurrency market trader who is behind the mango exploit and the theft of $100 million, says his ilk are attracting a lot of jealousy and hatred from other cryptocurrency traders.

In an interview with his “Unchained” podcast on Friday, he told Eisenberg that the public naturally tends to hate and criticize those who perform arbitrage.

During the interview, Eisenberg described profitable traders like himself as people who identify bugs that can be exploited in digital tokens, alert the respective cryptocurrency platforms, and earn billions from their discovery.

He said:

I think when there is any winning trader, it will attract some jealousy and some hate.

Read:Mike Novogratz gets approval to list the Bitcoin ETF on the Toronto Stock Exchange, Canada

It is clear that earning billions of dollars through several profitable deals will attract a lot of hate.

When Eisenberg was asked about his opinion of traders like him, who revealed some of the electronic risks facing financial services companies, he replied:

It is acceptable for them to have their own identity because members of the crypto community already hate them.

Eisenberg’s claim has some truth to it because successful traders always attract a lot of people, and some of them can be very jealous by nature.

But Eisenberg’s actions are strange.

Early this month, he revealed himself as one of the hackers behind the Mango decentralized market exploit and theft of $114 million in cryptocurrency, after which he returned $67 million and defended his actions as an innocent and highly profitable trading strategy.

On Tuesday, October 11th, trading platform Mango lost about $114 million as a result of the attacker’s purchase of a large amount of MNGO, the original cryptocurrency of Mango Market, allowing him to manipulate the price of the coin.

Read:Binance stops offers of futures and derivatives contracts in the European market and sets a deadline for that!

Then the scalper withdrew the funds once the value of the coin tripled, draining all the liquidity on the platform and leaving clients unable to access the funds.

The hacker, who identified himself as Avraham Eisenberg, is someone who did not apologize for what he made and described the theft as a very profitable trading strategy allowed by Mango Code, as the developers of Mango did not imagine such behavior.

It’s as if Eisenberg has found a new way to drain millions of dollars from online banking.

Four days after the attack, Eisenberg publicly acknowledged his role in the exploitation via Twitter.

He described all his and his team’s actions as legal actions that are open to the market, using the platform as it was designed for, even if the developer team didn’t quite anticipate all the consequences of setting parameters the way they are.

Although MNGO holders were not satisfied with Eisenberg’s view of the situation, they voted to let him go with the $47 million to return the remaining $67 million, which appears to have been enough to prevent Mango Market from falling into bankruptcy.

Read:Find out the value of the cryptocurrencies that the KuCoin hacker has sold so far

Four days later, Eisenberg revealed that he had created a so-called mango inu, and then pulled $250,000 from crypto bots in half an hour.

He claimed again that he had done nothing wrong.

Just like the Mango exploit, users of the crypto community on Twitter questioned the ethics and legality of the entire procedure, but Eisenberg argued that he did not break any laws.

His general idea was that he wanted to teach the development team running such bots a lesson of distrust in every startup.

Cryptocurrency exchange Mango and “mango inu” have become the latest victims in a recent series of attacks targeting DeFi protocols, which have caused the loss of nearly $900 million since mid-September.

Read also:

DEC raises $9 million in seed funding to create a decentralized competitor to Uber

The founder of Ethereum comments that he is happy with the delayed approval of the ETF!


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