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Gabriel Shapiro, general counsel at Delphi Labs, and Collins Belton, managing partner at Brookwood P.C., dive into the controversial case of Avi Eisenberg, the self-described \u201capplied game theorist\u201d who was arrested in Puerto Rico on Dec. 26 on market manipulation and fraud charges. The two crypto lawyers discuss the case\u2019s potential impact on DeFi and DAO governance \u2014 and whether \u201ccode is law\u201d stands a chance in the courtroom.\n\nShow highlights:\n\nwhether Avi\u2019s manipulation of the markets constitutes fraud\xa0\n\ndebating the crypto maxim \u201ccode is law\u201d\n\nwhether it\u2019s wrong to use DeFi code in a \u201csmarter way\u201d\n\nhow the Mango Markets exploit happened due to poor governance management\n\nwhether crypto should be regulated from the securities angle or the commodities angle\n\nthe consequences of Avi\u2019s arrest for the DeFi space\n\nwhether MEV could constitute market manipulation, even if it\u2019s democratized for everybody\n\nthe role of DAOs and whether early-stage projects should maintain some level of centralization\n\nhow DAOs could be designed to have better mechanisms in order to deal with potential issues\n\nwhether members of the Mango Markets DAO are liable because of their role in designing the system\n\nhow Avi was \u201cnaive\u201d to think he could avoid legal liability by returning the funds\n\nwhy Gabe thinks credit protocols are socially positive and why he hopes that prosecutors won\u2019t \u201cthrow everyone in jail\u201d\n\n\nThank you to our sponsors!\nCrypto.com\nDeFi Saver\n\nLinks\n\nGuests:\nGabriel:\n\nTwitter\n\nDelphi Labs\n\nGabriel\u2019s Twitter thread on the case\n\n\nPrevious appearances on Unchained:\xa0\n\nThe SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know\n\n\nCollins:\n\nTwitter\n\nLinkedIn\n\nPrevious appearances on Unchained:\n\nHow the Greatest Decentralizing Force for Crypto Projects Is the SEC\n\n\nEpisode Links:\xa0\nPrevious coverage of Unchained on Avi Eisenberg and the Mango Markets exploit:\xa0\n\nThe Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413\n\nThe Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever'\n\nThe Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428\n\n\nMango Markets exploit\n\nExplanation\n\nAvi\u2019s \u201cHighly profitable trading strategy\u201d Twitter thread\n\n\n\nUnchained:\xa0\n\n\nMango Markets Exploiter Arrested on Market Manipulation Charges\n\nMango Markets Exploiter Gets Liquidated But Leaves Aave With \u2018Excess Debt\u2019 \n\nMango Markets $42M Reimbursement Proposal Passes\n\nMango Markets Exploiter Returns $67M After Revealing His Identity\n\nMango Markets Hacker Proposes Keeping $70M \u2018Bad Debt\u2019 As Bounty\n\nSolana\u2019s Mango Markets Sees $100M Drained in DeFi Exploit\n\n\nChaindebrief: How Manipulation On AAVE And CURVE Went Wrong, Attacker Got Rekted Instead\n\n\n\nThe Defiant: Another Fork Bites the Dust: The Looming Fall of Fortress DAO and the Perils of Off-Chain Governance\n\n\n\nKarlstack: EXCLUSIVE: The Man Who May Have Milked $100+ Million from Mango Markets\n\n\n\nCoinDesk:\n\nThe Impact of Avraham Eisenberg\u2019s Case on the Future of Crypto\n\nMango Markets Exploiter Eisenberg Arrested in Puerto Rico\n\nMango Exploiter's Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens\n\nComplaint\n\n\nCNBC: Decoding The Avraham Eisenberg Arrest And Its Impact On Crypto Bug Bounties, White Hat Hackers\n\n\n\nDecrypt: Mango Markets Attacker Avraham Eisenberg Arrested, Charged With 'Market-Manipulation Offenses' \n\n\n\nProtos: Who is Avraham Eisenberg and why is he all over Crypto Twitter?\n\n\n\nCrypto Briefing: Curve Whipsaws 75% as DeFi Degens Squeeze Avraham Eisenberg\n\n\nNew Filing: CFTC charges Avi Eisenberg\n\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices