Just Earth News | @justearthnews | 14 Nov 2024, 10:11 pm Print
Bitcoin Ilya Lichtenstein sentenced to five years in prison for involvement in cryptocurrency theft. Photo Courtesy: Pixabay
The US Department of Justice has said hacker Ilya Lichtenstein was sentenced to five years in prison for his involvement in a money laundering conspiracy arising from the hack and theft of approximately 120,000 bitcoin from Bitfinex.
Bitfinex is a global cryptocurrency exchange.
According to court documents, Lichtenstein, 35, hacked into Bitfinex’s network in 2016, using advanced hacking tools and techniques.
Once inside the network, Lichtenstein fraudulently authorized more than 2,000 transactions transferring 119,754 bitcoin from Bitfinex to a cryptocurrency wallet in Lichtenstein’s control, read the statement issued by the US Department of Justice.
Lichtenstein then took steps to cover his tracks by deleting from Bitfinex’s network access credentials and other log files that could have revealed his conduct to law enforcement.
Following the hack, Lichtenstein enlisted the help of his wife, Heather Morgan, in laundering the stolen funds.
The department said Lichtenstein, at times with Morgan’s assistance, employed numerous sophisticated laundering techniques to carry out his acts.
His techniques included steps like using fictitious identities to set up online accounts; and utilizing computer programs to automate transactions.
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