Technology

Mango Market Hacker Loses Millions in Failed Aave Scheme

A notorious crypto trader, who gloated just last month about making away with over $100 million in a controversial price manipulation maneuver, appears to have lost millions on a similar exploit attempt that backfired early Tuesday. Avraham Eisenberg, the trader behind October’s Mango Market hack, recently borrowed 40 million curve (CRV) tokens from decentralized lending platform Aave, according to on-chain data. The drastic move is part of an apparent scheme to sell off the tokens, plummet CRV’s value as a result, and make away with millions in short positions on the token—leaving Aave saddled with a massive quantity of bad debt. The ploy did not execute as planned, however. CRV’s price declined early Tuesday from $0.53 to $0.41, but then quickly recovered, shooting up as high as $0.71. At writing, CRV is up 31% in the last 24 hours to $0.67, according to data from CoinGecko.

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