Hacker Pleads Guilty to Computer Fraud
The U.S. Attorney for the Southern District of New York, Damian Williams, has announced that Shakeeb Ahmed, a man accused of hacking two decentralized crypto exchanges, has pleaded guilty to the charge of computer fraud. Ahmed, a senior security engineer, is said to have exploited vulnerabilities in the platforms to steal over $12 million. He attempted to cover his tracks by using overseas crypto exchanges and swapping the stolen assets with the privacy coin monero.
Hacker Demands Larger ‘Bounty’
Ahmed has also confessed to being behind the hack of the decentralized finance protocol Nirvana Finance. Following the attack, Nirvana Finance offered Ahmed a reward of $600,000 if he returned the stolen assets. However, Ahmed demanded $1.4 million instead.
Crypto Mixers No Longer Effective
To hide his actions, Ahmed used cryptocurrency mixers, overseas exchanges, and the privacy coin monero. However, U.S. Attorney Damian Williams stated that these efforts were ineffective. He emphasized that regardless of the sophistication of these methods, fraud is still fraud and will be swiftly punished. Ahmed’s sentencing is scheduled for March 13, 2024.
Hot Take: Hacker Pleads Guilty to Hacking Decentralized Crypto Exchanges and Demanding Larger ‘Bounty’
Shakeeb Ahmed, a senior security engineer, has pleaded guilty to hacking decentralized crypto exchanges and demanding a higher reward for returning the stolen assets. His attacks targeted both a decentralized crypto exchange and the decentralized finance protocol Nirvana Finance. Ahmed attempted to cover his tracks by using overseas exchanges and swapping the stolen assets with monero. However, it was determined that these measures were not effective in hiding his actions. The case serves as a reminder that even with advanced techniques, fraudsters will be caught and convicted.
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