Formerly employed as an engineer at Amazon, Shakeeb Ahmed has been sentenced to a three-year term behind bars due to his involvement in a crypto breach that netted over $12 million.
This is the first instance of sentencing related to a cyberattack on smart contracts.
Ahmed’s admission in December 2023 revealed his manipulation of smart contracts by injecting fraudulent pricing data, resulting in illicit profits amounting to $12 million, withdrawn in cryptocurrency.
While one of the affected platforms was not disclosed by prosecutors, evidence suggests Crema Finance was one target.
Nirvana Finance, the other platform involved, ceased operations after the July 2022 breach.
Before the incident, Ahmed led Amazon’s bug bounty program, where he identified and resolved security vulnerabilities.
Prosecutors sought a four-year sentence, recognizing Ahmed’s cooperation and restitution efforts but emphasizing the need for deterrence and acknowledgement of the severity of his actions.
In contrast, Ahmed’s defence advocated for probation, citing his compromised mental state during the hacks and the fact that the majority of stolen funds remained untouched, aside from covering medical expenses for a relative.
Ahmed’s legal team, representing him as a Saudi Arabian national, appealed for leniency based on these circumstances.
