Security Engineer Sentenced to Three Years for $12M Crypto Hacks

Shakeeb Ahmed, a former security engineer, was convicted for hacking two cryptocurrency exchanges, marking a landmark case involving smart contract hacks.

Shakeeb Ahmed was sentenced to three years in prison and three years of supervised release for stealing $12 million from two cryptocurrency exchanges.
The hacks targeted decentralized exchanges built on Solana, including Crema Finance and Nirvana Finance, the latter of which had to shut down as a result.
This case marks the first-ever conviction for hacking a smart contract, highlighting the legal challenges in the evolving crypto landscape.
In addition to prison time, Ahmed is required to forfeit over $12 million and pay $5 million in restitution to the affected parties.
Ahmed's case underscores the legal system's increasing focus on cryptocurrency crimes and the severe consequences for those involved.