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That dude is back!!! Is AVI EISENBERG's play reminiscent of the OG $RAVE ? Mango Markets' most classic “oracle manipulation + self-hedging” attack. Mango Markets is a decentralized perpetual contracts and lending platform in the Solana ecosystem, relying on external exchanges (FTX, AscendEX, Serum) for spot prices as oracles to calculate user account equity and collateral value. MNGO (the governance token) has super low liquidity, with daily trading volume under $100k, making it the perfect target for Eisenberg's attack. The whole process took about 40 minutes, and here’s how it went down: 1. Prepping (18:07–18:19 EST) Eisenberg controlled three anonymous wallets, transferring $5 million USDC each to Wallet A and B (total principal of $10 million). 2. Setting up self-hedged perpetual positions (18:25 EST) Wallet A sold 483 million MNGO at $0.038 per token on the MNGO-PERP perpetual contract. Wallet B immediately gobbled it all up at $0.0382 per token. The two accounts created a massive long vs short hedge, net risk close to zero, but manufactured a huge notional position. 3. Pumping the spot price to trigger the oracle (18:26–18:30 EST) Wallet C and related accounts bought about $1.44 million in MNGO on the Mango spot market. At the same time, they bought about $1 million on AscendEX and about $1.6 million on FTX. Total expenditure was only around $4 million, yet it sent the MNGO spot price skyrocketing from about $0.04 to a peak of $0.91 (an increase of over 2300%). The Mango oracle instantly updated to this “false high price.” 4. Leveraging inflated “unrealized profits” for crazy borrowing (18:29–18:45 EST) Wallet B's long position, due to the oracle price surge, saw unrealized profits balloon to several hundred million dollars. The protocol treated this as valid collateral, allowing the borrowing of platform assets with extremely high leverage. Eisenberg borrowed and withdrew about $116 million in USDC, SOL, and other real liquidity (the platform was nearly drained). He then shorted to close out, completing a second harvest. Afterwards, he sold the spot MNGO, causing the price to crash rapidly. The short positions generated massive profits, and after another round of borrowing, he exited the scene. After the event, he proposed to the Mango DAO: return $67 million, keeping the remaining $47 million as a “white hat bounty.” The DAO voted in favor, and he retained some of the funds.

That dude is back!!! Is AVI EISENBERG's play reminiscent of the OG $RAVE ?
Mango Markets' most classic “oracle manipulation + self-hedging” attack. Mango Markets is a decentralized perpetual contracts and lending platform in the Solana ecosystem, relying on external exchanges (FTX, AscendEX, Serum) for spot prices as oracles to calculate user account equity and collateral value. MNGO (the governance token) has super low liquidity, with daily trading volume under $100k, making it the perfect target for Eisenberg's attack. The whole process took about 40 minutes, and here’s how it went down:

1. Prepping (18:07–18:19 EST)
Eisenberg controlled three anonymous wallets, transferring $5 million USDC each to Wallet A and B (total principal of $10 million).

2. Setting up self-hedged perpetual positions (18:25 EST)
Wallet A sold 483 million MNGO at $0.038 per token on the MNGO-PERP perpetual contract. Wallet B immediately gobbled it all up at $0.0382 per token.
The two accounts created a massive long vs short hedge, net risk close to zero, but manufactured a huge notional position.

3. Pumping the spot price to trigger the oracle (18:26–18:30 EST) Wallet C and related accounts bought about $1.44 million in MNGO on the Mango spot market.
At the same time, they bought about $1 million on AscendEX and about $1.6 million on FTX.
Total expenditure was only around $4 million, yet it sent the MNGO spot price skyrocketing from about $0.04 to a peak of $0.91 (an increase of over 2300%). The Mango oracle instantly updated to this “false high price.”

4. Leveraging inflated “unrealized profits” for crazy borrowing (18:29–18:45 EST)
Wallet B's long position, due to the oracle price surge, saw unrealized profits balloon to several hundred million dollars. The protocol treated this as valid collateral, allowing the borrowing of platform assets with extremely high leverage.
Eisenberg borrowed and withdrew about $116 million in USDC, SOL, and other real liquidity (the platform was nearly drained).
He then shorted to close out, completing a second harvest.
Afterwards, he sold the spot MNGO, causing the price to crash rapidly. The short positions generated massive profits, and after another round of borrowing, he exited the scene.

After the event, he proposed to the Mango DAO: return $67 million, keeping the remaining $47 million as a “white hat bounty.” The DAO voted in favor, and he retained some of the funds.

lixiaolong

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