Avraham Eisenberg, the man responsible for the Mango Markets hack, recently took to social media to brag about making $100,000 on his “shitcoin” exploit of Mango Inu.
The hack led to $117 million in missing funds, but Eisenberg said in his Twitter post he “did nothing wrong” and that his actions were “legal.”
According to his social media post on 23 October, he stated he had deployed his Mango Inu cryptocurrency for “exploiting bots” attempting to buy up the issued tokens in a move known as a ‘rug pull.’
In one of his tweets, he said, “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.”
Comments, Reactions To Mango Markets Rug Pull
News of the exploit sparked a flurry of outcry from others, who slammed the move for its alleged lack of ethics or morals, despite Eisenberg stating he had not violated any laws.
“Why are you flexing a rug on your twitter mate,” Twitter user Manny responded.
Another user, Lost Boys, said “This behavior always happens up down left right. It’s indicative of nothing other than people will always be looking for easy money in bad places”
Despite the backlash, Eisenberg said he had warned people not to buy Mango Inu, adding “if you buy this you will definitely lose all your money.”
What is a Rug Pull?
According to CryptoVantage, rug pulls involve manoeuvres to “pull the rug from under” investors by running off with funds from coins in the market.
Tactics include stealing liquidity by removing funds from liquidity pools, limiting sell orders to block people from buying tokens and then abandoning them later, and dumping or ‘pump and dump’ schemes to sell off substantial tokens to lower the coin’s price.
Several massive rug pulls have taken place in recent years, namely with the biggest-ever ‘heists’ including OneCoin, Thodex, AnibusDao, Defi100 Coin, defrauding investors and coin holders of up to $4 billion, $2 billion, $60 million, and $32 million, respectively. The most recent scandal in May this year with Terra Luna led to $40 billion in losses, leading to potentially the largest rug pull in history, CryptoVantage added.
