Puerto Rican Man Convicted of Multiple Counts in $110M Crypto Scam Case

According to a news release from the U.S. Department of Justice's Office of Public Affairs, a Puerto Rican man has been convicted of commodities fraud, commodities market manipulation, and wire fraud for his involvement in a cryptocurrency scam worth approximately $110 million.

The 28-year-old Puerto Rican man, known as Avraham Eisenberg, is said to have been convicted that he was involved in a fraudulent scheme that defrauded Mango Markets and its clients of more than $110 million worth of cryptocurrencies by artificially manipulating the price of perpetual futures contracts.

Nicole M. Argentieri, Principal Deputy Assistant Attorney General, Chief of the Criminal Division of the U.S. Department of Justice, said that this is the first indictment involving the manipulation of cryptocurrencies through open market trading.

Eisenberg faces up to 10 years in prison for commodities fraud and commodities manipulation, and up to 20 years in prison for wire fraud.