Avraham 'Avi' Eisenberg has been convicted on charges of fraud and manipulation in a $110 million scheme involving the Mango Markets platform.

Eisenberg, 28, from Puerto Rico, faces up to 30 years in prison after being found guilty in a federal court on three counts, including commodities fraud, market manipulation, and wire fraud.

He artificially inflated a cryptocurrency's price on Mango Markets, then withdrew $110 million in various cryptocurrencies, causing significant losses to other investors.

After negotiations, Eisenberg returned $67 million to Mango Markets, which had become insolvent due to his scheme, leaving users unable to access their funds.

U.S. Attorney Damian Williams highlighted the case as groundbreaking for the protection of financial markets against such fraudulent activities.

Eisenberg's sentencing is set for July 29 in Manhattan federal court, and the case may influence how crypto tokens are classified legally.

The conviction is a pivotal moment in cryptocurrency regulation, setting a legal precedent and signaling potential repercussions for other high-profile figures in the crypto industry.