Security Engineer Sentenced to Three Years for Smart Contract Hack and Crypto Theft

Friday, 12 April 2024, 16:09

Former security engineer Shakeeb Ahmed receives a three-year prison sentence for hacking two decentralized exchanges, resulting in a theft of $12 million in cryptocurrencies. The case marks the first-ever smart contract hacking conviction in the industry. The sentence highlights the growing need for enhanced cybersecurity measures within the cryptocurrency space to protect against such breaches.
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Security Engineer Sentenced to Three Years for Smart Contract Hack and Crypto Theft

Security Engineer Sentenced for Crypto Theft

Former security engineer Shakeeb Ahmed has been sentenced to three years in prison for hacking into two decentralized exchanges and stealing $12 million worth of cryptocurrencies.

First-Ever Smart Contract Hacking Conviction

The case involving Ahmed is significant as it represents the first instance of a smart contract hacking conviction, shedding light on the vulnerabilities within the decentralized finance sector.

The sentence underlines the importance of strengthening cybersecurity protocols to safeguard against such breaches and protect investor assets in the digital asset space.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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