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Crypto Trader Eisenberg's $110M Fraud Trial to Put DeFi Under Microscope

Crypto trader Avi Eisenberg's criminal fraud and manipulation trial will open Tuesday after a federal judge seated a 15-person jury that includes a seller of rare books, an elementary school music director and at least two finance professionals. The trial represents an evolution in the government's attempts to police alleged crimes in decentralized finance (DeFi), a sector of the crypto trading space governed by the notion that "code is law." Mango Markets is not tightly controlled like its counterparts in centralized finance, like Coinbase. Eisenberg is accused of illegally gaming Mango Markets' futures contracts by manipulating the price of the MNGO token.

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