According to Damian Williams, the U.S. attorney for the Southern District of New York, this was the second case their firm was announcing that is highlighting the case of “fraud in the cryptocurrency and digital asset ecosystem.”
As noted by the DOJ, Ahmed – a former security engineer for an “international technology company” – was able to “fraudulently obtain” from the aforementioned exchange almost $9 million worth of cryptocurrencies. He executed this by creating bogus dates for pricing, in order to produce the fees that he later withdrew for himself.
Williams further added, “We also allege that he then laundered the stolen funds through a series of complex transfers on the blockchain where he swapped cryptocurrencies, hopped across different crypto blockchains, and used overseas crypto exchanges. But none of those actions covered the defendant’s tracks or fooled law enforcement, and they certainly didn’t stop my Office or our law enforcement partners from following the money.”
Ahmed is also charged with allegedly attempting to steal more money from the exchange via “flash loan” attacks, another type of crypto vulnerability
While it was initially impr
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