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A US hacker convicted of plundering greater than $12 million price of crypto belongings from two decentralized exchanges (DEXs) was sentenced to 3 years in jail.
In July 2022, Shakeeb Ahmed, a safety engineer, used pretend pricing information to generate roughly $9 million price of inflated charges on an unnamed DEX, in accordance with the U.S. Division of Justice.
Ahmed then withdrew these charges within the type of crypto, however he agreed to return all the stolen funds aside from $1.5 million if the alternate agreed to not report the assault to regulation enforcement.
Later that month, the hacker additionally hit a DEX referred to as Nirvana Finance, exploiting the venture’s sensible contracts to supply lower-priced crypto purchases. After buying the artificially devalued crypto, Ahmed instantly resold the digital belongings at the next value to the DEX. He managed to loot $3.6 million price of crypto through the exploit, draining Nirvana’s coffers and inflicting the DEX to close down.
The hacker pled responsible to pc fraud and can serve three years of supervised launch along with his three-year sentence. He was additionally ordered to forfeit roughly $12.3 million and a “vital amount” of cryptocurrency, in addition to $5 million price of restitution to the 2 DEXs.
Damian Williams, the US Legal professional for the Southern District of New York, says Ahmed’s prosecution represents the first-ever conviction for the hack of a sensible contract.
“Regardless of how novel or refined the hack, this Workplace and our regulation enforcement companions are dedicated to following the cash and bringing hackers to justice. And as at the moment’s sentence reveals, time in jail — and forfeiture of all of the stolen crypto — is the inevitable consequence of such harmful hacks.”
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