First-Ever Conviction for Smart Contract Hacking: Stage is Set
On April 12th, a former senior security engineer for a major international tech company was sentenced to three years in prison. His crimes involved the hacking of two decentralized cryptoexchanges, as well as the theft of over $12 million in digital assets.
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On April 12th, a former senior security engineer for a major international tech company was sentenced to three years in prison. His crimes involved the hacking of two decentralized cryptoexchanges, as well as the theft of over $12 million in digital assets.
This represents a historic U.S. legal milestone as the first conviction for smart contract hacking.
In a press release, the U.S. Attorney's Office for the Southern District of New York noted that the offender had initially returned the assets he stole during the first hack in exchange for a reward. However, he did not manage to secure an agreement to return assets following the second breach.
Authorities reported that the engineer employed various elaborate methods to conceal his ill-gotten gains, including anonymous cryptocurrencies and crypto mixers. However, his efforts were ultimately unsuccessful in evading law enforcement.
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