May 24, 2025 — The crypto market saw major headlines today as a federal judge overturned key fraud convictions in the Mango Markets exploit case, Bitcoin ETFs logged record-breaking inflows, and U.S. lawmakers demanded a probe into Donald Trump’s controversial crypto-themed dinner.
Judge Overturns Fraud Convictions in Mango Exploit Case
In a pivotal legal twist, U.S. District Judge Arun Subramanian vacated two major convictions—commodities fraud and market manipulation—against Avraham Eisenberg, who allegedly exploited Mango Markets for $110 million in 2022. The judge ruled that prosecutors failed to prove Eisenberg made materially false claims to the decentralized exchange. Eisenberg, who once described his tactics as “profitable trading strategy,” used inflated prices of MNGO tokens to secure outsized loans, triggering one of DeFi’s largest exploits. With the third charge also acquitted, the government’s case against Eisenberg now faces significant setbacks.
Bitcoin ETFs Post $2.75B Weekly Inflows
Meanwhile, Bitcoin exchange-traded funds (ETFs) based in the U.S. saw a dramatic uptick in investor confidence. Weekly inflows hit $2.75 billion, outpacing the previous week’s $608 million nearly fivefold, according to data from Farside Investors. BlackRock’s IBIT led the charge, recording $430.8 million in inflows on the final trading day and marking eight straight days of gains. Bitcoin’s price held above $108,000, surpassing January’s all-time high and signaling bullish sentiment. In contrast, Grayscale’s GBTC and ARK 21Shares’ ARKB saw outflows totaling over $160 million.
Lawmakers Target Trump Over Crypto Dinner
Political drama intersected with blockchain today as 35 members of Congress urged the U.S. Department of Justice to investigate Donald Trump’s May 22 “memecoin dinner” for potential constitutional violations. Held at Trump National Golf Club, the dinner allegedly included foreign investors connected to crypto exchanges—raising red flags under the emoluments clause and campaign finance laws. Protesters and Senator Jeff Merkley rallied outside the venue, condemning what they dubbed an “illegal crypto party.” Lawmakers demanded Trump disclose the guest list and clarify foreign involvement.
Also Read: LINK Price Holds Strong Above Key Support—Is $17 the Next Target for Chainlink?
As crypto continues to evolve, today’s developments underscore the growing intersection of law, finance, and digital assets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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