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Mango Market: Exploit "Rug Pull" Mango Inu

 


A little over a week after the exploit at Mango Markets, where $117 million was stolen, Avraham Eisenberg is now bragging about making $100,000 from a "shitcoin" called Mango Inu. He claims again that he "didn't do anything wrong".


Eisenberg recently claimed responsibility for the exploit at DeFi platform Mango Markets. He claimed everything was "legal". 


 Eisenberg tweeted Oct. 23 that he also used a "shitcoin" called Mango Inu in the scheme to "exploit bots" that buy up newly issued tokens.


Eisenberg said the strategy involved deploying tokens, providing liquidity, and then once the bots bought the token, taking all the money out of the system. 


"I spoke to someone who stakes coins, provides liquidity and once the bots buy the token, takes all the money out of the system. That was a good strategy last year when the bots bought everything that moved," as he explained.


Similar to the Mango Markets exploit, Eisenberg countered any criticism by stating that since there was no promotion of the token, he had not broken any laws: 


"What part? Mango Inu is definitely not a security (no marketing etc.), no promises were made, just open market liquidity transactions."

Eisenberg said over $250,000 was “invested/gambled away” in the tokens in half an hour without being advertised. The fact that this has happened means "we're still so far off the ground."


He also specifically warned against buying the token because “if you buy it, you will definitely lose all your money.”


Pointless tokens keep coming out

The Mango Inu token is another example of a token that has seen questionable market acceptance lately, despite having no utility. Such a symptom usually occurs during bull markets.


Earlier this month, a memecoin called THE Token was launched in response to an Oct. 14th non-serious Twitter post by Ethereum co-founder Vitalik Buterin . Buterin said in the tweet to start a project that's easy to promote and it's just called The Protocol.


THE then launched right after Buterin's tweet on Ethereum and the BNB Smart Chain, up 77 percent by Oct. 20. Shortly thereafter, it has fallen again by 60 percent and is trading at $0.015 at the time of writing.

The token has been listed on exchanges such as Uniswap v3, MEXC Global and Bitget and appears to have no function other than to make fun of Vitalik Buterin's joke.


Blockchain cybersecurity company PeckShield has warned about this token.

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