A U.S. judge has overturned the fraud and market manipulation convictions of Avraham Eisenberg, the crypto trader accused of draining $110 million from the now-defunct decentralized finance protocol Mango Markets.

On Friday, U.S. District Judge Arun Subramanian ruled that prosecutors failed to demonstrate that Eisenberg had made any false statements to the platform.

Judge Subramanian also moved to acquit Eisenberg of wire fraud charges. The trader inflated the price of Mango’s token MNGO through massive transactions—over 1,000% in just 20 minutes—enabling him to borrow and withdraw $110 million in cryptocurrencies, secured by the inflated collateral.

Eisenberg’s defense contended that trades were permitted on the platform, which relied on smart contracts, and that he merely exploited a flaw in the system. The judge concurred, indicating that Mango’s open structure resulted in “insufficient evidence of falsity” regarding Eisenberg’s claims to Mango Markets.

Eisenberg had been apprehended in December 2022, and though his current case fell apart, he remains incarcerated for a prior conviction related to child pornography offenses.

“From the start, we asserted this case was fundamentally flawed,” stated his lawyer Brian Klein of Waymaker LLP. “We are thrilled for Avi that the judge granted our motion and dismissed the case.”