In a precedent-setting case, Shakeeb Ahmed pleaded guilty on Thursday to charges related to hacks on two decentralized cryptocurrency exchanges, including the July attack on Solana decentralized exchange Nirvana Finance.

As part of his plea, the 34-year-old New York native has agreed to forfeit over $12 million in stolen funds.

This marks “the first ever conviction for such a hack,” said Damian Williams, U.S. attorney for the Southern District of New York, in a statement.

Ahmed exploited vulnerabilities in the exchanges’ smart contracts, which are used to automate transactions. At one exchange, he tricked its system into granting him $9 million in false fees last July. From Nirvana Finance, he stole $3.6 million – effectively its entire holdings – also by manipulating smart contracts, prosecutors said.

He was arrested in July.

The senior security engineer then tried to hide the money through cryptocurrency mixing services, blockchain transfers and overseas accounts. He also researched how to flee prosecution, searching for terms like “evidence la

Go to Source to See Full Article
Author: Decrypt Staff

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details