Glossary
Mango Markets Exploit (2022)
The October 2022 Solana attack where Avraham Eisenberg manipulated MNGO's oracle price upward, used the inflated collateral to borrow ~117M USD, then refused to return it.
On October 11, 2022, Avraham Eisenberg deposited 5M USDC into Mango Markets, opened a massive MNGO-perp position against himself, then bought MNGO on thin spot markets to push the spot oracle price 5–10x. The inflated MNGO collateral let him borrow ~117M USD of other assets, which he then withdrew.
Eisenberg later returned most of the funds in exchange for governance approval of a "settlement" — and was subsequently arrested by US authorities, convicted of fraud and market manipulation in 2024. The case is a defining example of on-chain market manipulation and the limits of "code is law" defenses.