Solana Blockchain Hack: Indictment Reveals $9 Million Defrauding Scheme

The U.S. Attorney indicted a Solana computer security engineer for allegedly laundering $9 million from the blockchain’s DEX crypto exchange, in a shocking hack incident. So, how did this engineer launder $9 million? Moreover, how was he caught? Let’s take a closer look!

TL;DR

• The U.S. Attorney’s Office for the Southern District of New York has indicted a Solana computer security engineer for laundering $9 million from the blockchain’s DEX crypto exchange.
• The engineer, Shakeeb Ahmed, manipulated a vulnerable smart contract on the Solana DEX platform to generate extra fees and then attempted to launder the stolen money using international transfers and Monero.
• Ahmed’s online activity, including searching for ways to leave the country and protect the stolen funds, provided further evidence against him.

Who Was Trying to Get Away With a $9M Solana Blockchain Hack?

Solana takes another hit this week with a blockchain hack, this time from an insider. The New York-based computer security engineer Shakeeb Ahmed found a vulnerable smart contract of DEX – Solana’s crypto exchange platform.

Basically, Ahmed manipulated the smart contract to inflate certain exchange fees, generating an extra $9 million. In addition, Ahmed also faces charges for trying to launder the stolen money using international transfers and even Monero, a highly-private cryptocurrency. At the time of writing, the U.S. Attorney’s Office for the Southern District of New York has already indicted Shakeeb Ahmed.

What Was the Culprit’s Reaction?

Accordingly, Ahmed kept track of every article written about the accusations he was facing after the Solana blockchain hack. According to social media evidence, his internet history also revealed research on trying to leave the U.S.A. and protect the stolen money. Shockingly, Ahmed searched terms such as ‘can I cross border with crypto’ and ‘buying citizenship’.

Overall, Ahmed’s reaction to the accusation ended up offering even more evidence for the court. The hacker also tried to make a deal with DEX. He proposed to return most of the stolen cash in order to avoid law enforcement.

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