A U.S. Attorney has charged the hacker behind a $9 million crypto exploit over a Solana-based liquidity protocol.
The hacker formerly worked as a security engineer at an international technology corporation. He allegedly exploited a smart contract bug to generate exorbitant costs for flash loans. As a result, he successfully stole $9 million in virtual assets from a decentralized Solana-based crypto exchange.
The hacker then withdrew these funds and laundered them through a series of a number of transfers on the blockchain in which he swapped cryptocurrencies. The funds were transferred across different blockchains, over different crypto exchanges.Most of the funds were returned but the hacker was allowed to keep $1.6 million as a white hat bounty.
The accused left a trail that law enforcement was able to follow due to the blockchain’s ability to track movements. A joint task force comprised of authorities and the US Attorney’s office followed the money. The accused has been detained in New York and charged with wire fraud and money laundering in connection with the crypto attack. Each of these offences carries a potential jail sentence of 20 years maximum.
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