Last week, Mango Markets lost $115 million worth of crypto due to a “profitable trading strategy” employed by Avraham Eisenberg and his team.
While technically an exploit of the Mango Markets platform, no hacking was used in the operation, which, so far, seems to have been strictly legal.
Eisenberg went on to pay back $67 million to ensure that the platform users would be reimbursed.
Bots Beaten at Their Own Game
However, Eisenberg’s mischievous streak didn’t go anywhere – and in a recent Twitter thread, he announced the creation and subsequent rugpull of Mango Inu – a shitcoin he developed explicitly to target crypto buying bots created by people looking for a quick moonshot.
According to Eisenberg, the targeted bots bought up $250k worth of the shitcoins within half an hour. Eisenberg also explicitly stated that absolutely no promotion was made for Mango Inu in order to ensure the operation remained strictly legal. He also advised his followers not to buy the shitcoins, as they would only lose money.
The other day I deployed a shitcoin called Mango Inu and did absolutely no promotion. It got over 250k invested/gambled in like a half hour.
We’re still so far away from the bottom.
(to be clear if you buy this you will definitely lose all your money)
— Avraham Eisenberg (@avi_eisen) October 23, 2022
If promotion had been done for Mango Inu, he could have been accused of fraud, selling unlicensed securities, etc. Since this was not the case, the rugpull of the hastily made shitcoin remains essentially a voluntary purchase of a useless cryptocurrency by bots masquerading as avid traders.
$100k for Half an Hour of Work
Although a total of $250k was reportedly harvested by Eisenberg, he admitted he forgot to use flashbots, resulting in some of the tokens being sold. Ultimately, Eisenberg claims to have raked in about $100k for half an hour of work.
“Sadly the bots frontran the liq pull and I forgot to use flashbots so I only made like 100k instead of 250k for a half hour of work.”
Eisenberg went on to say that he believes exploiting bots is a good thing, and he got the idea for the prank from an acquaintance who used to pull off similar operations during the last altcoin boom.
“Exploiting bots is good, actually. (…) Talked to someone who would deploy coins, add liq, and rug right after the bots bought, was a good low capacity strat last year when the bots bought anything that moved.”
Although this “highly profitable trading strategy” is definitely unorthodox, to say the least, anyone who has tried to purchase highly sought-after items online – whether clothes, collectibles of any sort, crypto, etc. – has had to contend with bots and will probably feel a little schadenfreude about bots getting a taste of their own medicine.
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