Former security engineer Shakeeb Ahmed has been sentenced to three years in prison for hacking two decentralized cryptocurrency exchanges and stealing over $12 million.
Exploiting Crypto Vulnerabilities
Ahmed manipulated fake pricing data to steal $9 million from one exchange. He then targeted Nirvana Finance, exploiting a vulnerability to buy and resell crypto assets at inflated prices.
From Security Expert to Cybercriminal
Ahmed used advanced money laundering techniques to hide the stolen funds. He transferred them between different blockchains and used cryptocurrency mixers.
Sentence and Forfeiture
Ahmed has been ordered to forfeit the stolen crypto and pay over $5 million in restitution. He will also serve three years of supervised release after his prison sentence.
Statement from US Attorney
US Attorney Damian Williams emphasized that the government is committed to pursuing crypto hackers and holding them accountable for their crimes. He warned that hackers face prison time and forfeiture of stolen funds.
