Shakeeb Ahmed, who is a former security engineer, was sentenced by the United States Judge to 3 years in prison - for stealing from 2 decentralized crypto exchanges. In which case, Ahmed stole over $12 million worth of crypto assets.
The sentence of Ahmed, makes it the very first time that a conviction has been made against a hacker. As of July 2022, Shakeeb made his first hack on a crypto exchange, where he used fradulent pricing to steal about $9 million worth of crypto assets.
Next, Shakeeb hacked Nirvana Finance, where he bought crypto assets at a reduced price than the fixed contract, and he sold it to Nirvana at a higher price. Ahmed stole about $3.6 million from Nirvana Finance. And this was almost all of Nirvana Finance funds. This theft led to the end of Nirvana Finance.
On top of Shakeeb's 3 years sentence to prison, Shakeeb has been sentenced to a monitored release for another 3 years. Shakeeb was told to give up about $12.3 million, and lots of cryptoassets. And Shakeed was told to pay back about $5 million to the 2 decentralized crypto exchanges for compensation.