Skip to content

Cybersecurity professional accused of stealing $9 million worth of cryptocurrencies


The case of an ethical hacker turned thief: accused of hacking a Vari cryptocurrency

US authorities have charged cybersecurity professional Shakib Ahmed with hacking right into a cryptocurrency alternate and stealing round $9 million value of cryptocurrencies. The case highlights the phenomenon of ethical hackers who take unethical turns with the only objective of reclaiming their moral standing.

Accusation and Ahmed’s previous

The U.S. Attorneys’ Office for the Southern District of New York launched a press launch affirming the indictment of 34-year-old Shakib Ahmed. Ahmed, who’s described as a senior safety engineer with expertise reverse engineering good contracts and blockchain audits, has used these specialised expertise to orchestrate. assault.

Focused elective

Prosecutors didn’t explicitly set up the sufferer, however linked her to the assault on Crema Finance, a Solana-based agency. The hack occurred in early July 2022, the identical dates Ahmed is alleged to have attacked an unnamed change.

Partial returns and negotiations

By means of the hack, Ahmed reportedly returned round $8 million in cryptocurrency and saved the remaining for himself. He engaged communications with Concentrated Enterprise, arranging to return all stolen funds, together with $1.5 million, if the corporate failed to interact regulation enforcement.

Controversial pursuit of white hat hackers

Hackers who steal cryptocurrencies then negotiate with the victims, arranging for the return of a portion of the stolen funds, typically consult with one another like white hats. Nonetheless, this apply blurs the stress between ethical and unethical practices, as hackers connote a time-frame historically associated to good intentions.

Prison prosecution no matter partial return

This case reveals that even when a hacker returns a portion of the stolen cryptocurrency, the sanctions allowed ought to be met. Ahmed, who’s submitting expenses for wire fraud and cash laundering, discovered that his actions weren’t prosecution-proof.

use the expertise to commit theft

Ahmed’s employment as a pc safety engineer gave him entry to vulnerabilities inside the centered agency. He allegedly entered faux value knowledge to generate inflated expenses, taking cash he did not truly earn.

Stolen cryptocurrency laundering

In accordance with the indictment, Ahmed laundered the stolen cryptocurrency in quite a few transactions. He has engaged in token swaps and transferred earnings from the Solana blockchain to the Ethereum blockchain, amongst different methods.

Search and steal on-line

Ahmed additionally carried out on-line searches associated to the hack, his authorized jail legal responsibility, licensed expertise, and the desirability of fleeing the US to keep away from jail charges.


The Shakib Ahmed case highlights the superior world of cybersecurity, the place individuals with superior expertise can leverage their positions for personal takeovers. The case serves as a reminder that returning stolen cryptocurrency doesn’t assure immunity from prosecution. The sanctions licensed for participation in hacking and piracy are essential.

inquiries to ask

1. What has been the fee in opposition to Shakib Ahmed?

Cybersecurity professional Shakib Ahmed has been accused of hacking right into a cryptocurrency alternate and stealing round $9 million value of cryptocurrencies.

2. What enterprise was it supposed for?

Although not explicitly named by prosecutors, it seems to align with an assault on Crema Finance, a Solana-based agency.

3. Has Ahmed returned a number of the stolen cash?

Ahmed returned about $8 million in cryptocurrency however saved $1.5 million, presenting it as a negotiating level with the centered agency.

4. What are the views of white hat hackers?

White hat hackers historically have interaction with people who make the most of their hacking expertise for ethical capabilities, normally serving organizations to uncover vulnerabilities. Nonetheless, some unauthorized hackers keen on negotiating partial returns have begun to take advantage of the time interval, blurring the street between ethical and unethical habits.

5. Can hackers even be prosecuted for returning stolen cryptocurrency?

In actuality, returning a portion of the stolen cryptocurrency doesn’t assure immunity from prosecution. Nonetheless, the sanctions licensed may very well be noticed.

Please see this hyperlink for added knowledge


To entry extra data, kindly seek advice from the next link