Computer security engineer Shakib Ahmed has been sentenced to three years in prison for attacks on decentralized crypto exchanges. This is the first case of conviction for hacking a smart contract. Ahmed is also ordered to return $12.3 million and a significant amount of cryptocurrency, as well as pay $5 million in damages to the exchanges. 😨

Stablecoin NIRV Nirvana retreated from the US dollar and its native coin ANA fell 85% following news of the hack. Ahmed “laundered” the stolen funds using token swap transactions and “transferring” funds from the fraud from the Solana blockchain to the Ethereum blockchain.

Ahmed was arrested in New York and charged with wire fraud and money laundering in connection with the hacks. He subsequently pleaded guilty to one count of computer fraud.