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Infamous Crypto Hacker Behind Nearly $11,000,000,000 Bitfinex Exploit Sentenced to Five Years in Prison

n70products by n70products
November 16, 2024
in Regulations
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Infamous Crypto Hacker Behind Nearly $11,000,000,000 Bitfinex Exploit Sentenced to Five Years in Prison
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The infamous hacker behind the large $10.934 billion exploit of crypto trade Bitfinex is being sentenced to 5 years in jail.

In response to a brand new press release by the U.S. Division of Justice (DOJ), Ilya Lichtenstein – who hacked Bitfinex in 2016 and fraudulently despatched 119,754 Bitcoin (BTC) to a pockets below his management – has been sentenced to 5 years for his position within the scheme.

Court docket paperwork reveal that after the exploit, Lichtenstein took measures to cowl his tracks, corresponding to deleting key Bitfinex information that would have helped regulation enforcement determine him. Moreover, he requested his spouse to assist him launder the stolen cash.

Lichtenstein and his spouse, Heather Morgan, utilized refined money-washing methods – together with depositing and withdrawing funds into and out of darknet and cryptocurrency trade, changing the BTC to different types of digital belongings and utilizing crypto mixing companies – to obfuscate the funds, based on the DOJ.

Lichtenstein and his spouse each pleaded responsible to 1 rely of conspiracy to commit cash laundering on August third, 2023. Whereas Morgan is slated to be sentenced on November 18th, Liechtenstein will serve his time period plus three years of supervised launch.

Earlier this month, in her sentencing memo, Morgan said she was in “full shock” when her husband instructed her in regards to the hack 4 years after the actual fact. In response to Morgan, she felt complicit and helped him cowl up his tracks as a result of she had accepted stolen crypto from him earlier than.

“In 2020, I realized that my husband Ilya Lichtenstein dedicated a severe crime in 2016. When he instructed me what he had completed, I used to be in full shock. I made the poor choice to become involved in Ilya’s crime. Our relationship was removed from good, however I deeply love and care about my husband, and the reality is, I didn’t need him to go to jail as a result of we had been planning to start out a household collectively.”

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