Shakeeb Ahmed, a 34-year-old security engineer, has pled guilty to hacking Nirvana Finance and another decentralized exchange. This case marks a pivotal moment in the legal pursuit of cybercriminals.
Ahmed admitted to exploiting vulnerabilities in smart contracts, leading to a $12 million heist. He, however, agreed to forfeit $12.3 million in assets and pay $5 million in restitution to the victims.
This case stands out as the first conviction involving a smart contract attack. U.S. Attorney Damian Williams highlighted its historical significance, signalling a new era in prosecuting digital financial crimes.
Ahmed’s sentencing is set for March 13, and he faces up to a maximum of five years in prison. This outcome underscores the legal system’s growing resolve to combat and penalize cybercrimes effectively, especially those targeting the sector of decentralized finance.
As the digital financial landscape evolves, this case exemplifies the serious consequences for those who attempt to exploit its vulnerabilities.
Also Read: Solana-based Nirvana Finance Suffers Flash Loan Attack
