Nirvana Finance Hacker Confessed Guilt: Could Get 5 Years in Prison

The hacker who carried out a multimillion-dollar hacking attack may pay $5 million in compensation and could face up to 5 years in prison.

Security engineer Shakeeb Ahmed, who carried out two separate hacks totaling $12.3 million by exploiting the Nirvana Finance protocol and a decentralized cryptocurrency exchange, has admitted to his crime.

Millions of Dollars in Compensation Fine!

According to a statement by the U.S. Southern District of New York Prosecutor’s Office, Ahmed has agreed to pay a total of $5 million in compensation to the victims.

Furthermore, according to the indictment, it was revealed that Ahmed exploited a security vulnerability matching the definition of Crema Finance in the smart contract of an unnamed Solana-based exchange.

“This arrest marks the first conviction for such a hacking incident.”
Attorney Damian Williams

He is expected to be sentenced to a maximum of five years in prison at his hearing scheduled for March 13.

Source: The Block

Previous Article

Brazil Approves Crypto Tax Law: Those Who Make Profits Have to Pay Taxes

Next Article

$BONK Coin Boosts Solana Phone Sales: What are the Reasons Behind Its Popularity?

Related Posts