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    Home»Crypto News»Bitfinex Hacker Sentenced to five Years as DOJ Ends $10 Billion Crypto Theft Case – Decrypt
    Bitfinex Hacker Sentenced to five Years as DOJ Ends  Billion Crypto Theft Case – Decrypt
    Crypto News

    Bitfinex Hacker Sentenced to five Years as DOJ Ends $10 Billion Crypto Theft Case – Decrypt

    By Crypto EditorNovember 17, 2024No Comments2 Mins Read
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    Bitfinex Hacker Sentenced to five Years as DOJ Ends $10 Billion Crypto Theft Case – Decrypt

    Ilya Lichtenstein, who orchestrated the 2016 theft of over 119,000 Bitcoin from crypto trade Bitfinex, has been sentenced to 60 months in jail for cash laundering, the U.S. Division of Justice mentioned Wednesday. 

    The ruling marks a big conclusion to one of many largest cyber thefts in historical past, ensuing within the restoration of roughly $10 billion in stolen property.

    The sentencing follows a seven-year investigation involving a number of U.S. businesses, together with the IRS-Legal Investigations unit, the Federal Bureau of Investigation, and Homeland Safety Investigations, alongside blockchain forensics agency TRM Labs. 

    Lichtenstein’s actions, in collaboration along with his spouse, Heather “Razzlekhan” Morgan, concerned laundering Bitcoin, valued at about $4.5 billion on the time of restoration. Morgan is scheduled for sentencing on Nov. 18.

    After pleading responsible to cash laundering expenses in August 2023, Lichtenstein then admitted to exploiting a vulnerability in Bitfinex’s safety infrastructure in 2016 to siphon Bitcoin valued then at round $71 million. 

    In response to DOJ statements, Lichtenstein used refined hacking methods to breach Bitfinex’s safety, granting himself unauthorized entry to its community. He initiated over 2,000 transactions to switch 119,754 Bitcoin into a private pockets.

    Lichtenstein then moved the funds by hundreds of advanced transactions throughout darknet markets and exchanges, leveraging privateness instruments like coin mixers and privacy-focused cryptocurrencies to cowl his tracks.

    Regardless of efforts to obscure the path, blockchain intelligence instruments enabled authorities to hint the property and execute one of many largest crypto seizures in U.S. historical past. 

    Legislation enforcement recovered roughly 94,000 BTC from a single pockets in 2022, now valued at billions, marking a vital milestone within the investigation. 

    Subsequent searches revealed further property, together with bodily gold, digital cash, and U.S. {dollars}.

    “This case showcases how far cryptocurrency investigations have come, notably as blockchain know-how turns into extra integral to monetary crime enforcement,” TRM Labs mentioned Thursday. “As crypto crime continues to evolve, so too should the instruments and methods utilized by regulation enforcement—and circumstances like Bitfinex spotlight the necessity for ongoing developments in crypto monitoring.”

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