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The Wall Street Publication > Blog > Markets > Hacker sentenced over bitcoin theft price billions
Markets

Hacker sentenced over bitcoin theft price billions

Editorial Board Published November 15, 2024
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Hacker sentenced over bitcoin theft price billions
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Kentucky Lawyer Common Russell Coleman discusses attorneys basic suing the SEC over cryptocurrency rules, the decision for a crackdown on linked autos in-built China in addition to a lawsuit in opposition to TikTok.

A hacker who helped launder the proceeds of a bitcoin theft from a cryptocurrency trade was sentenced to 5 years in jail for his position within the conspiracy.

The Justice Division (DOJ) stated in a launch that Ilya Lichtenstein, 35, hacked into the community of crypto trade Bitfinex in 2016 utilizing subtle hacking instruments to fraudulently authorize over 2,000 transactions that transferred 119,754 bitcoin from the trade to a crypto pockets he managed. He then deleted information from the trade’s entry logs that would’ve revealed his actions to regulation enforcement.

Lichtenstein’s scheme to launder the ill-gotten beneficial properties was aided by his spouse Heather Morgan, a rapper who goes by the stage title “Razzlekhan” and went viral on social media platforms after the case was revealed. In certainly one of her songs, Morgan rapped about how she is the “crocodile of Wall Street.”

The pair deployed what the DOJ referred to as “numerous sophisticated laundering techniques” to launder the bitcoin; utilizing fictitious identities to arrange on-line accounts; automated transactions; and depositing stolen funds into darknets and crypto exchanges, then withdrawing the funds. 

PENNSYLVANIA HOUSE INTRODUCES BILL TO IMPLEMENT A STRATEGIC BITCOIN RESERVE

Ilya Lichtenstein was sentenced to 5 years in jail over his bitcoin theft and cash laundering scheme. (Picture illustration by Chesnot/Getty Photographs / Getty Photographs)

They transformed bitcoin to different cryptocurrencies – a follow often called “chain hopping” – and deposited the felony proceeds into crypto mixing providers. The duo additionally utilized U.S.-based accounts to legitimize banking exercise and swapped a number of the stolen funds for gold cash.

Prosecutors wrote in a submitting that Lichtenstein instructed Morgan concerning the hack three years later, although he beforehand obtained her help within the scheme “without explaining exactly what he was doing.” They added that the duo efficiently laundered about 21% of the proceeds.

The stolen bitcoin was price roughly $70 million on the time it was stolen, although that rose to over $4.5 billion on the time of their arrest and is price greater than twice that quantity at present costs.

Razzlkhan bitcoin theft

Heather “Razzlekhan” Morgan pleaded responsible over her position in Lichtenstein’s stolen crypto laundering scheme. (OLIVIER DOULIERY/AFP by way of Getty Photographs / Getty Photographs)

FORMER BANKMAN-FRIED EXECUTIVE SEEKS LENIENCY FOR BUILDING FRAUD DETECTION TOOL

Each Lichtenstein and Morgan pleaded responsible to conspiracy to commit cash laundering in August 2023. Along with his five-year jail time period, Lichtenstein was ordered by the courtroom to serve three years of supervised launch.

Morgan is scheduled to be sentenced on Nov. 18.

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