Shakeeb Ahmed, a senior security engineer, has actually confessed to hacking 2 decentralized cryptocurrency exchanges, marking the first-ever conviction for a wise agreement breach.
The statement was made by the United States Attorney for the Southern District of New York following Ahmed’s guilty plea to the scams charges.
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According to the declaration, Ahmed’s exploits included the July 2022 hack of Nirvana Finance and another attack on a decentralized crypto exchange.
As part of his plea, Ahmed accepted surrender $12.3 million. This consists of around $5.6 million in fraudulently acquired crypto.
United States Attorney Damian Williams highlighted the significance of Ahmed’s conviction. He highlighted that no matter the intricacy of cyber approaches, deceptive activities would be immediately recognized and prosecuted.
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The declaration declares that Ahmed has proficiency in reverse engineering clever agreements and blockchain audits. He supposedly carried out the hacks while used as a senior security engineer for a global innovation business.
The very first attack targeted a crypto exchange, where Ahmed made use of a clever agreement vulnerability,