Former security engineer Shakeeb Ahmed has been sentenced to three years in prison for his involvement in a major theft from two decentralized exchanges (DEXs) on the Solana blockchain. Ahmed pleaded guilty to computer fraud charges, admitting to stealing over $12 million from Crema Finance and Nirvana Finance.
In addition to his prison term, Ahmed must forfeit $12.3 million and pay $5 million in restitution. This case marks the first conviction for smart contract hacking, highlighting the severe penalties for blockchain security breaches.
US Attorney Damian Williams emphasized the consequences of such destructive hacks, stating that time in prison and forfeiture of stolen crypto are inevitable outcomes for hackers exploiting these technologies. As the legal framework around blockchain security tightens, hackers face increasingly severe consequences for their actions.
Legal actions are also ongoing against Avi Eisenberg, who is accused of an alleged $110 million exploit of the Mango Markets DEX. The case against Ahmed and Eisenberg underscores the importance of cybersecurity in the rapidly evolving world of decentralized finance.
