Crypto Hacker Sentenced to 3 Years for $12M Heist and Extortion Attempt
April 14, 2024Shakeeb Ahmed, a former security engineer, has been sentenced to three years in prison for hacking cryptocurrency exchanges.
Ahmed stole over $12.3 million and attempted to extort the hacked exchanges.
He exploited smart contract vulnerabilities to manipulate pricing and conduct fraudulent transactions.
To conceal the theft, Ahmed employed advanced money laundering techniques, including the use of cross-chain bridges and asset mixers.
Beyond his prison sentence, Ahmed is required to forfeit the stolen cryptocurrency and pay restitution exceeding $5 million.
The case underscores law enforcement's determination to prosecute cybercriminals, no matter the complexity of their schemes.
Summary based on 2 sources
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Sources
The Hacker News • Apr 13, 2024
Ex-Security Engineer Jailed 3 Years for $12.3 Million Crypto Exchange TheftsBitcoinist.com • Apr 13, 2024
First-Ever Conviction For Crypto Smart Contract Hacking: Nirvana Exploiter Sentenced To 3 Years | Bitcoinist.com