A former Amazon engineer has pleaded guilty to hacking two cryptocurrency exchanges, which marks the first-ever conviction involving the hacking of a smart contract. Shakeeb Ahmed, a former security engineer at Amazon, may face up to five years in prison and must forfeit $12.3 million worth of stolen cryptocurrency. The hacks occurred in 2022 and targeted Nirvana Finance and an undisclosed crypto exchange on the Solana blockchain. Ahmed manipulated the contracts by submitting falsified data, resulting in the generation of inflated fees. To cover his tracks, Ahmed negotiated with the crypto exchange, offering to return the stolen funds, minus $1.5 million, in exchange for not involving law enforcement. He also exploited a feature in Nirvana's smart contract to acquire ANA tokens at a lowered price and made a $3.6 million profit by selling them. Ahmed attempted to obfuscate the stolen crypto by converting it into Monero and using cryptocurrency mixers, different blockchains, and overseas crypto exchanges. The crypto industry continues to be plagued by hacks and scams, with 76 reported in Q3 2023, resulting in approximately $332 million in losses.
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