Tech

Mango Market exploiter brags after rug pulling Mango Inu ‘shitcoin’

10/23/2022
Bitcoin Ethereum News

In just over a week after pulling off the $117 million exploit of Mango Markets, Avraham Eisenberg is now boasting about making $100,000 rug-pulling a “shitcoin” called Mango Inu, again claiming he “did nothing wrong.” 

Eisenberg recently ousted himself as one of the persons behind the recent $117 million exploit of the Solana-based decentralized finance (DeFi) platform Mango Markets, which he has also claimed was “legal.” 

 In an Oct. 23 post on Twitter, Eisenberg said the scheme involved deploying a “shitcoin” named Mango Inu, which he suggests was aimed at “exploiting bots” that gobble up newly launched tokens.

Eisenberg said the strategy involved deploying tokens, adding liquidity, and then “rug” right after the bots buy the token. 

“Talked to someone who would deploy coins, add liquidity, and rug right after the bots bought, was a good low capacity strat last year when the bots bought anything that moved,” he said.

Much like the Mango Markets exploit, when people on Twitter questioned the morality and legality of the whole ordeal, Eisenberg argued that he hadn’t broken any laws as there was no promotion of the token: 

“What part? Mango Inu is definitely not a security (no marketing, etc), no promises were made, just open market liquidity transactions.”

Eisenberg said the token managed to get over $250,000 “invested/gambled” within half an hour with “absolutely no promotion,” and that the fact that it occurred meant that “we’re still so far away from the bottom.” 

He also explicitly warned not to buy the token, as “if you buy this you will definitely lose all your money.”

Pointless tokens continue to arise

The Mango Inu token is another example of a token that has gained questionable market takeup recently despite not having any utility — a symptom usually associated with bull markets.

Earlier this month, a memecoin named “THE” token was created in response to a satirical Oct. 14 Twitter post from Ethereum co-founder Vitalik Buterin calling for the creation of an easily shilible project called “The Protocol.”

THE was subsequently launched on Ethereum and the Binance Smart Chain right after Buterin’s tweet, and pumped 77% by Oct. 20, though it has since dropped back down 60% to sit at $0.015 at the time of writing.

Related: 3Commas issues security alert as FTX deletes API keys following hack

The token, which was listed on exchanges such as Uniswap (V3), MEXC Global and Bitget, appears to serve no other function than the actualization of a joke made by Vitalik to foster wild speculation.

Blockchain cybersecurity firm PeckShield has urged caution with this token.