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Home News

Crypto Engineer Steals Millions

July 13, 2023
Reading Time: 1 min read
in News

 

A 34-year-old former senior security engineer, Shakeeb Ahmed, has been accused of using his technical expertise to defraud a decentralized crypto exchange and steal millions of dollars.

Through code manipulation, Ahmed tricked the exchange’s liquidity pools into paying him $9 million for crypto that he had not actually deposited. After the exploit, he returned most of the funds but kept $1.5 million, while also providing the exchange with information about its vulnerabilities to prevent future attacks, under the condition that they would not involve law enforcement.

Following the incident, Ahmed’s online activities raised suspicion, as he searched for terms like “wire fraud,” “how to prove malicious intent,” and “evidence laundering.”

He also sought information on crossing borders with cryptocurrency and preventing the government from seizing assets. In October, he looked into purchasing citizenship, discovering an article titled “16 Countries Where Your Investments Can Buy Citizenship.”

However, Ahmed’s plans came to an end when he was arrested in New York City on charges of wire fraud and money laundering. Each offense carries a maximum sentence of 20 years in prison.

The case highlights the risks associated with insider threats and the importance of robust security measures within the cryptocurrency industry.

Reference:
  • After $9 million scam, alleged hacker googled ‘can I cross border with crypto’ and ‘buying citizenship’
Tags: Cyber NewsCyber News 2023CyberattackCybersecurityJuly 2023Shakeeb AhmedVulnerabilities
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