Avraham Eisenberg, the software coder and crypto trader behind Mango Markets’ $100 million exploit, believes “profitable traders” like himself attract a lot of jealousy and hate from other crypto traders.
Eisenberg shared his belief with Laura Shin during an interview on the Unchained Podcast on Friday. He argued that the public is bound to hate and criticize people who execute profitable arbitrages.
Hate for Profitable Traders
Recall that the Mango Markets exploit, which happened two weeks ago, drained the platform of its liquidity, leaving users unable to withdraw their assets. For Eisenberg, the incident was a “highly profitable trading strategy,” but the crypto community thinks otherwise.
Eisenberg and his team executed a self-funded economic attack by manipulating the oracle price of MNGO, the native token of Mango Markets. The trader believes his team’s actions were legal since they used the protocol as designed. Likewise, the affected project has been unable to press charges because the exploit could not be categorized as a hack.
During the interview, Eisenberg referred to profitable traders like him, who identify exploitable bugs in codes, alerted the protocols in question, and have earned billions from their discovery.
“I think that when there’s any profitable trader, it’s gonna attract some jealousy and some hate, and like you look at some of the stuff people say about Sam, and he’s obviously made billions of dollars with various other profitable trades. He gets lots of hate,” he said.
When asked for his opinion on traders like him, who disclose their part in certain economic attacks, Eisenberg said it was okay for them to own their identity since the crypto community already hated them.
“Colin came out recently. If you’re out there in the public, you’re kind of painting a target at yourself. But it is what it is,” he added.
Eisenberg Launches Another Operation
The Mango Markets exploit was seemingly not profitable enough for Eisenberg as he launched a shitcoin operation targeted at bots four days ago.
The software developer revealed that he created and subsequently rug-pulled Mango Inu, a shitcoin that netted $250k from crypto bots in half an hour.
His general idea was that he wanted to teach the people operating these bots a lesson not to trust every emerging project.