Hacker Has Pleaded Guilty to the $12 Million Solana DeFi Intrusions

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Last Updated on December 17, 2023 by Bitfinsider

According to investigators, Shakeeb Ahmed, a security engineer who compromised two Solana DeFi programs, has pled guilty.

On July 2, 2022, Ahmed launched the first of two assaults, targeting an undisclosed decentralized exchange to produce $9 million in inflated fees. In exchange for not reporting the attack to law authorities, Ahmed agreed to return all but $1.5 million of the stolen assets. However, in July 2023, SDNY investigators detained and charged Ahmed.

Later investigations revealed that around July 28, 2022, Ahmed carried out a second attack against Nirvana Finance, a Solana-based decentralized finance network. In that attack, Ahmed used flash loans to buy Nirvana’s ANA token at a low price, then resold it at a higher one to earn $3.6 million. Following a failed bounty negotiation with Nirvana, Ahmed refused to return the stolen monies, and Nirvana was forced to close due to a near total loss of funds.

Though the Nirvana Finance hack was reported as it happened, Ahmed’s role in the attack was unknown until now.

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