1 year ago
U.S. Attorney for the Southern District of New York announced connected Dec. 14 that Shakeeb Ahmed, a antheral accused of hacking 2 decentralized crypto exchanges, had pleaded blameworthy to the complaint of machine fraud. Ahmed is said to person attempted to screen his tracks by utilizing overseas crypto exchanges and swapping the stolen assets with the privateness coin monero.
Hacker Demands Larger ‘Bounty’
Shakeeb Ahmed, the antheral publically charged with the hack of an unnamed decentralized crypto exchange, precocious pleaded blameworthy to machine fraud and has agreed to forfeit implicit $12.3 million. Damian Williams, the U.S. Attorney for the Southern District of New York, has said that Ahmed besides admitted to being the idiosyncratic down the July 2022 hacking of the decentralized concern (defi) protocol Nirvana Finance.
In a statement released connected Dec. 14, 2023, Williams said Ahmed, a elder information engineer, has agreed to instrumentality the stolen crypto to his victims. Chronicling Ahmed’s July 2-3 onslaught connected the decentralized platform, the U.S. Attorney said the information technologist exploited a vulnerability successful 1 of the platform’s astute contracts. This measurement enabled Ahmed to insert fake pricing information and this yet helped to make astir $9 cardinal worthy of inflated fees.
According to the statement, Ahmed aboriginal reached retired to the level and an statement was reached successful which helium would instrumentality each but $1.5 cardinal worthy of integer assets. The statement was, however, conditioned connected the substance not being referred to instrumentality enforcement.
On July 28, Ahmed besides perpetrated an onslaught connected Nirvana Finance which saw him gain a nett of $3.6 million. To resoluteness the matter, Nirvana Finance offered Ahmed a reward oregon “bug bounty” of $600,000 if helium returned the stolen assets. However, according to the statement, Ahmed demanded $1.4 cardinal instead.
Crypto Mixers Not Effective Anymore
After the attacks, Ahmed attempted to screen his tracks by utilizing overseas crypto exchanges and swapping the stolen assets with the privateness coin monero. However, Williams is quoted successful the connection suggesting that specified efforts had been proven to beryllium ineffective.
“In total, Ahmed utilized his method know-how to bargain implicit $12 cardinal and tried to screen his tracks by swapping stolen crypto for monero, utilizing cryptocurrency mixers, hopping crossed blockchains, and utilizing overseas crypto exchanges. Today’s condemnation shows that nary substance however blase the methods used, fraud is fraud, and we volition swiftly drawback and convict you,” Williams said.
In summation to attempting to screen his tracks, Ahmed’s web hunt past conscionable days aft the hack suggested that helium was readying to fly the United States. Meanwhile, according to the statement, Ahmed is acceptable to beryllium sentenced by U.S. Judge Victor Marrero connected March 13, 2024.
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