Former Amazon engineer Shakeeb Ahmed has pleaded guilty to hacking two cryptocurrency exchanges.

Ahmed exploited a vulnerability in the exchanges' smart contracts, generating millions of dollars worth of inflated fees.

He stole over $12 million and tried to hide his activities by converting stolen cryptocurrency into Monero using cryptocurrency mixers and overseas exchanges.

This case underscores the security challenges in the cryptocurrency industry and highlights the need for robust protective measures.

Ahmed will serve up to five years in prison, forfeit $12.3 million worth of stolen cryptocurrency, and compensate his victims with over $5 million.