Bitfinex Hacker Ilya Lichtenstein Gets 5 Years in Prison
Key Points:
- Ilya Lichtenstein was sentenced to five years in prison for laundering nearly 120,000 Bitcoin stolen in a 2016 hack of the Bitfinex exchange, valued now at around $10.5 billion.
- His wife, Heather Morgan, who also pleaded guilty in the laundering scheme, faces an 18-month recommended sentence at her upcoming November 18 hearing.
A man responsible for one of the largest cryptocurrency hacks in history has been sentenced to five years in prison on the charges of laundering stolen funds.
Read more: Bitfinex Hacker Unveils Crypto Exchange Hack and Money Laundering Scheme
Bitfinex Hacker Gets Five Years for $10.5 Billion Bitcoin Theft
Ilya Lichtenstein, who drained nearly 120,000 Bitcoins from cryptocurrency exchange Bitfinex in 2016, was sentenced in Washington federal court on Thursday. Lichtenstein and his wife, Heather Morgan, both pleaded guilty in August 2023 to conspiracy charges in connection with laundering proceeds from the Bitfinex hack.
Lichtenstein used a variety of sophisticated hacking techniques in the 2016 cyberattack to get unauthorized access to the Bitfinex network. He then launched more than 2,000 sham transactions that funnelled Bitcoin into a wallet he controlled. Valued at about $71 million when it was stolen, the 119,754 Bitcoin that was stolen has grown to an estimated value of about $10.5 billion since.
Ilya Lichtenstein Promises to Help with Cybersecurity
Appearing before a judge for sentencing and facing the possibility of a 20-year term, Ilya Lichtenstein apologized and promised to use his technical expertise in support of cybersecurity. The government recommended a five-year term, praising Lichtenstein’s cooperation with law enforcement. Agency officials cited his cooperation as having assisted multiple investigations.
Morgan, known for her “Razzlekhan” rap persona, is scheduled for sentencing on November 18, with prosecutors recommending an 18-month sentence. Morgan and Lichtenstein, arrested in New York City in February 2022, pleaded guilty to laundering the stolen money over several years. Their efforts at disguising the source of the crypto resulted in a long investigation that ended with their arrest.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Bitfinex Hacker Ilya Lichtenstein Gets 5 Years in Prison
Key Points:
- Ilya Lichtenstein was sentenced to five years in prison for laundering nearly 120,000 Bitcoin stolen in a 2016 hack of the Bitfinex exchange, valued now at around $10.5 billion.
- His wife, Heather Morgan, who also pleaded guilty in the laundering scheme, faces an 18-month recommended sentence at her upcoming November 18 hearing.
A man responsible for one of the largest cryptocurrency hacks in history has been sentenced to five years in prison on the charges of laundering stolen funds.
Read more: Bitfinex Hacker Unveils Crypto Exchange Hack and Money Laundering Scheme
Bitfinex Hacker Gets Five Years for $10.5 Billion Bitcoin Theft
Ilya Lichtenstein, who drained nearly 120,000 Bitcoins from cryptocurrency exchange Bitfinex in 2016, was sentenced in Washington federal court on Thursday. Lichtenstein and his wife, Heather Morgan, both pleaded guilty in August 2023 to conspiracy charges in connection with laundering proceeds from the Bitfinex hack.
Lichtenstein used a variety of sophisticated hacking techniques in the 2016 cyberattack to get unauthorized access to the Bitfinex network. He then launched more than 2,000 sham transactions that funnelled Bitcoin into a wallet he controlled. Valued at about $71 million when it was stolen, the 119,754 Bitcoin that was stolen has grown to an estimated value of about $10.5 billion since.
Ilya Lichtenstein Promises to Help with Cybersecurity
Appearing before a judge for sentencing and facing the possibility of a 20-year term, Ilya Lichtenstein apologized and promised to use his technical expertise in support of cybersecurity. The government recommended a five-year term, praising Lichtenstein’s cooperation with law enforcement. Agency officials cited his cooperation as having assisted multiple investigations.
Morgan, known for her “Razzlekhan” rap persona, is scheduled for sentencing on November 18, with prosecutors recommending an 18-month sentence. Morgan and Lichtenstein, arrested in New York City in February 2022, pleaded guilty to laundering the stolen money over several years. Their efforts at disguising the source of the crypto resulted in a long investigation that ended with their arrest.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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