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Former Security Engineer Sentenced to Three Years for Hacking Two Decentralized Exchanges

Posted on April 14, 2024 by Dissent

Terence Zimwara reports:

Shakeeb Ahmed, a former security engineer accused of hacking two decentralized cryptocurrency exchanges, has been sentenced to three years in prison by U.S. District Judge Victor Marrero. Ahmed has also been ordered to forfeit approximately $12.3 million and a significant quantity of cryptocurrency.

According to a statement from the U.S. Attorney’s Office, Ahmed must pay more than $5 million in restitution to Nirvana and the unnamed decentralized exchanges (dex). The judge also sentenced Ahmed, 34, to three years of supervised release.

As reported by Bitcoin.com News in December 2023, Ahmed admitted to exploiting a vulnerability in one of the dex platform’s smart contracts. After defrauding the platforms, Ahmed attempted to cover his tracks by swapping the stolen digital assets for a privacy coin. However, despite these and other measures, Ahmed was ultimately apprehended by U.S. law enforcement in July 2023.

Read more at Bitcoin.com.

Category: Business SectorHack

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