Key Takeaways
- After pleading responsible to pc fraud, hacker Shakeeb Ahmed was sentenced to 3 years in jail for stealing over $12M from Solana-based DEXs;
- As well as, Ahmed should forfeit $12.3M and pay $5M in restitution;
- US Lawyer highlights this case as the primary conviction for good contract hacking, stressing extreme penalties for blockchain safety breaches.
Shakeeb Ahmed, a former safety engineer, has been sentenced to 3 years in jail for his involvement in a multimillion-dollar theft from two decentralized exchanges (DEXs) on the Solana blockchain.
Along with his jail time period, Ahmed should forfeit $12.3 million and pay $5 million in restitution.
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The federal court docket’s resolution follows Ahmed’s responsible plea to fees of pc fraud, which concerned stealing greater than $12 million from Crema Finance and Nirvana Finance.
Federal prosecutors really useful a four-year sentence, barely under the utmost five-year statutory restrict, because of Ahmed’s “acceptance of duty in admitting to each of his hacks and surrendering his crime proceeds.”
US Lawyer Damian Williams commented on the case:
Shakeeb Ahmed was sentenced to jail within the first ever conviction for the hack of a sensible contract <…>. And as right this moment’s sentence reveals, time in jail — and forfeiture of all of the stolen crypto — is the inevitable consequence of such damaging hacks.
Because the authorized framework tightens round blockchain safety, hackers face more and more extreme penalties for exploiting these applied sciences.
In the meantime, authorized actions are ongoing towards Avi Eisenberg, who’s accused of an alleged $110 million exploit of the Mango Markets DEX.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Conflict II period.
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