Ex-Amazon Engineer Gets 3 Years for Historic $12M Crypto Hack

April 13, 2024
Ex-Amazon Engineer Gets 3 Years for Historic $12M Crypto Hack
  • Shakeeb Ahmed, a former Amazon security engineer, has been sentenced to three years in prison for executing the first-ever smart contract hack.

  • Ahmed exploited his expertise in reverse engineering and blockchain audits to steal over $12 million in cryptocurrencies from decentralized exchanges.

  • The stolen funds were laundered through complex methods to disguise their origins.

  • The court ordered Ahmed not only to serve prison time but also to forfeit the stolen assets and pay $5 million in restitution.

  • Ahmed's actions destabilized cryptocurrencies, causing the NIRV stablecoin to depeg and the ANA coin to drop in value by 85%.

  • U.S. Attorney Damian Williams highlighted the sentencing as a deterrent, underscoring that destructive cyber hacks will result in incarceration and forfeiture.

  • The conviction represents a landmark in crypto-related law enforcement, demonstrating the increasing ability and resolve of authorities to pursue and prosecute cybercrime in the blockchain space.

Summary based on 8 sources

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