A former senior engineer has been accused of hacking a cryptocurrency exchange in a recent case that has raised concerns about cybersecurity. Shakeeb Ahmed, a professional engineer, is suspected of stealing roughly $9 million in cryptocurrencies. Ahmed allegedly used his knowledge of designing smart contracts and blockchain audits to carry out the hack.
Although the precise organization for which Ahmed worked was not divulged, his LinkedIn profile suggested that he had previously applied for jobs at Amazon. Amazon, on the other hand, has confirmed that he is no longer employed by the corporation. Prosecutors did not directly name the targeted victim, but reports indicate that it is Crema Finance. Crema Finance, a Solana-based crypto exchange, was targeted in a similar incident around the same time as Ahmed’s alleged actions.
Ahmed’s effort to present himself as an ethical hacker is what makes this case noteworthy. He remitted around $8 million of the stolen crypto to the exchange while retaining $1.5 million. He would do so if the parties involved agreed not to involve police enforcement.
As this case demonstrates, repaying a portion of the cryptocurrency stolen does not provide protection from punishment. Ahmed is now facing wire fraud and money laundering accusations. The officials emphasized how important Ahmed’s skills were in executing the heist.
NEWS: 🔒A former senior security engineer accused of stealing $9M in crypto. 💰💻 #CyberCrime
— Walletor (@walletorapp) July 12, 2023
Based on the indictment, Ahmed used false pricing data to produce exaggerated costs by exploiting a weakness in the exchange. He subsequently withdrew his illegal gains. Ahmed engaged in a variety of operations, including token swaps and others, to launder the stolen cryptocurrency.
The alleged hacker also did online research about the hack, his legal liability, experts in similar cases. He even considered departing the country to avoid prosecution.
This story demonstrates that even those with cybersecurity competence can become risks. It emphasizes the significance of solid safeguards and protocols in the blockchain business. This is necessary to reduce such threats and protect the security of users’ valuables.