April 13, 2024 at 10:45AM
Former security engineer Shakeeb Ahmed has received a three-year prison sentence in the U.S. for hacking two decentralized cryptocurrency exchanges and stealing over $12.3 million. He pleaded guilty to computer fraud and used specialized skills to execute the attacks. Ahmed also laundered the stolen funds but has been sentenced to jail and ordered to pay restitution.
Key takeaways from the meeting notes:
– Shakeeb Ahmed, a former security engineer, has been sentenced to three years in prison for hacking two decentralized cryptocurrency exchanges and stealing over $12.3 million.
– Ahmed utilized his expertise in reverse engineering smart contracts and blockchain audits to execute the hacks.
– He exploited security flaws in the exchanges’ smart contracts to generate inflated fees and siphon off millions.
– After being apprehended, Ahmed attempted to return most of the funds to one exchange in exchange for not alerting law enforcement about the attack.
– He also carried out an attack on a second exchange, leading to its shutdown, and refused to return the stolen funds despite an offer of a bug bounty.
– Ahmed laundered the stolen funds using cross-chain bridges and mixers to cover up the trail.
– In addition to the prison sentence, Ahmed has been ordered to forfeit approximately $12.3 million and pay restitution amounting to more than $5 million to the impacted exchanges.
These are the key points from the meeting notes regarding the case of Shakeeb Ahmed’s criminal activities related to cryptocurrency exchanges.