In 2022, breaches led to the theft of over $12 million in various cryptocurrencies. The perpetrator, an engineer, achieved this by manipulating pricing data in the platforms’ contracts to generate around $12 million in unearned profits, which were then withdrawn as cryptocurrency.
One of the platforms affected was Nirvana Finance, which halted its operations after the breach in July 2022. Before these events, Ahmed had been involved in Amazon’s bug bounty program, where he identified and addressed security vulnerabilities in the company’s software.
The authorities recognized Ahmed’s cooperation in returning the majority of the stolen funds, but insisted on his imprisonment to deter similar offenses and underline the severity of his actions. Meanwhile, Ahmed’s defense argued for probation instead of incarceration, citing his compromised mental health at the time of the hacks.
They also highlighted that the stolen funds were mainly untouched, except for covering a relative’s medical expenses. Originally from Saudi Arabia, Ahmed’s legal team pleaded for leniency based on specific factors.