US Authorities Charge Cybersecurity Engineer With Stealing $9,000,000 From Decentralized Crypto Exchange


Jul 15, 2023
The USA Lawyer for the Southern District of New York, Damian Williams, simply introduced the indictment of a former cybersecurity skilled who allegedly hacked a world decentralized crypto change (DEX) and stole $9 million value of crypto belongings.

In line with the indictment, Shakeeb Ahmed carried out the assault someday in July 2022 when he exploited a vulnerability of the Solana (SOL)-based DEX.

The 34-year-old, a senior safety engineer at a world expertise firm on the time of the assault, allegedly inserted pretend pricing knowledge that precipitated the platform’s sensible contract to generate $9 million value of inflated charges.

Ahmed then withdrew the charges in cryptocurrency and laundered them to hide the supply and proprietor of the funds. The accused additionally tried to evade prosecution.

“After he stole the charges he by no means legitimately earned, AHMED had communications with the Crypto Trade wherein he determined to return the entire stolen funds aside from $1.5 million if the Crypto Trade agreed to not refer the assault to legislation enforcement.

After the assault, AHMED searched on-line for details about the assault, his personal prison legal responsibility, prison protection attorneys with experience in related instances, legislation enforcement’s skill to efficiently examine the assault, and fleeing the US to keep away from prison expenses.”

Ahmed was arrested in New York on Tuesday and now faces expenses of wire fraud and cash laundering, which carry a most sentence of 20 years every.

“As alleged within the indictment, Shakeeb Ahmed, who was a senior safety engineer at a world expertise firm, used his experience to defraud the change and its customers and steal roughly $9 million in cryptocurrency.”

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