Ilya Lichtenstein sentenced to 5 years for laundering $8 billion in stolen bitcoin.
The stolen bitcoin is now worth over $8 billion, up from $71.8 million in 2016.
Ilya Lichtenstein, the hacker behind the 2016 Bitfinex exchange breach, has been sentenced to five years in prison for his role in one of the largest cryptocurrency thefts in history. Lichtenstein, 35, stole approximately 120,000 Bitcoin, valued at $71.8 million at the time. Today, those stolen funds are worth over $8 billion.
In 2016, Lichtenstein exploited vulnerabilities in Bitfinex’s system using advanced hacking tools. He authorized over 2,000 transactions that transferred 119,754 Bitcoins to a wallet under his control. To cover his tracks, Lichtenstein deleted crucial access logs and credentials from the exchange’s network, preventing law enforcement from detecting his actions.
Laundering Tactics Uncovered
Following the hack, Lichtenstein enlisted the help of his wife, Heather Morgan, to launder the st
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