TechFlow reports, U.S. Attorney Damian Williams for the Southern District of New York announced that former security engineer Shakeeb Ahmed has been sentenced to three years in prison for hacking two separate decentralized cryptocurrency exchanges and stealing more than $12 million worth of cryptocurrency.
Ahmed attacked cryptocurrency exchanges using false pricing data, stealing approximately $9 million in fees, and carried out another attack on Nirvana Finance.
He employed various sophisticated techniques to launder the illicit proceeds, including converting fraudulently obtained funds into the hard-to-trace cryptocurrency Monero, and using overseas cryptocurrency exchanges and cryptocurrency mixers. The case was handled by the Office’s Illegal Finance and Money Laundering Unit and the Complex Frauds and Cybercrime Unit.
