Bitcoin

Read

Nirvana

A former Amazon software engineer Shakeeb Ahmed was sentenced to three years in prison for exploiting smart contracts.
The breaches in 2022 resulted in the theft of over $12 million in different cryptocurrencies. The trial was the first-ever&nbsp;<a href="https://www.justice.gov/usao-sdny/pr/former-security-engineer-sentenced-three-years-prison-hacking-two-decentralized" target="_blank" rel="noopener noreferrer nofollow">sentencing</a>&nbsp;for a cyberattack on smart contracts.
Ahmed&nbsp;<a href="https://crypto.news/nirvana-finance-hacker-admits-guilt-and-agrees-to-return-12-3-million/" target="_blank" rel="noopener noreferrer nofollow">admitted</a>&nbsp;in December 2023 to manipulating smart contracts. By inserting fraudulent pricing data into the platforms’ contracts, the engineer generated approximately $12 million in unearned profits, which he subsequently withdrew as cryptocurrency.
You might also like: <a href="https://crypto.news/us-government-bitcoin-holdings/" rel="noopener noreferrer nofollow"> US government tops global Bitcoin holdings with $15b in assets </a>
While the prosecutors chose not to disclose one of the affected platforms, evidence in the indictment suggests it was&nbsp;<a target="_blank" href="https://crypto.news/crema-finance-yet-fresh-flash-loan-attack/" rel="noopener noreferrer nofollow">Crema Finance</a>. The other platform involved was Nirvana Finance, which ceased operations following the hack in July 2022.
Before the incident, Ahmed had led Amazon’s bug bounty program, where he identified and fixed security loopholes in its software. The prosecution, highlighting the novelty of this case involving smart contract&nbsp;<a href="https://crypto.news/tether-fixedfloat-hack-block/" target="_blank" rel="noopener noreferrer nofollow">hacking</a>, had recommended a four-year prison term.&nbsp;
They acknowledged Ahmed’s cooperation and his restitution of the majority of the stolen funds but emphasized the need for his imprisonment to serve as a deterrent and underscore the gravity of his offenses.
On the other hand, Ahmed’s defense argued for probation instead of prison time, citing his compromised mental health during the time of the hacks and the fact that the stolen funds were largely untouched except for covering a relative’s medical expenses. Ahmed, originally from Saudi Arabia, had his legal team plea for leniency based on the following factors.
Read more: <a href="https://crypto.news/bitcoin-halving-interest-doubled/" rel="noopener noreferrer nofollow"> CoinWire: Bitcoin halving interest doubled since 2020 </a>

Ex-Amazon engineer sentenced to 3 years in prison for $12m crypto hack

crypto.news

Άλλα άρθρα που δημοσιεύτηκαν στις 12 Απρ 2024

Crypto Market Update: Bitcoin (BTC) Bounces Back, Shib Inı (SHIB) Faces EMA5 Challenge, and Furre...

Australia’s ASIC launches legal action against unlicensed mining firms

Bitcoin Price Prediction: As Hilton Plans To Tokenize Debt On BTC In El Salvador, This New Learn-...

Influential Analyst Predicts the Level Bitcoin Will Reach in May

What is Bitcoin Pizza Day? Celebrating a milestone in cryptocurrency history

TOP Altcoins to Make 30X Before Bitcoin Halving: Last Chance to Buy!

Join our free newsletter for daily crypto updates!