Crypto Hacker Sentenced to 3 Years for $12M Heist and Extortion Attempt

April 14, 2024
Crypto Hacker Sentenced to 3 Years for $12M Heist and Extortion Attempt
  • Shakeeb Ahmed, a former security engineer, has been sentenced to three years in prison for hacking cryptocurrency exchanges.

  • Ahmed stole over $12.3 million and attempted to extort the hacked exchanges.

  • He exploited smart contract vulnerabilities to manipulate pricing and conduct fraudulent transactions.

  • To conceal the theft, Ahmed employed advanced money laundering techniques, including the use of cross-chain bridges and asset mixers.

  • Beyond his prison sentence, Ahmed is required to forfeit the stolen cryptocurrency and pay restitution exceeding $5 million.

  • The case underscores law enforcement's determination to prosecute cybercriminals, no matter the complexity of their schemes.

Summary based on 2 sources


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