The post US Court Considers Sentence for Crypto Hacker appeared on BitcoinEthereumNews.com.

Ilya Lichtenstein, known as the architect of the infamous Bitfinex cryptocurrency exchange hack, faces a potential five-year prison term as US prosecutors push for sentencing in Washington. Alongside his wife Heather Morgan, Lichtenstein has acknowledged a role in the $6 billion money laundering conspiracy stemming from the 2016 cyberattack. What are the Prosecutors Seeking? The US government demands a minimum five-year incarceration for Lichtenstein, coinciding with the ongoing asset forfeiture connected to one of the largest cryptocurrency thefts in history. How Were Their Crimes Committed? Lichtenstein confessed to orchestrating the Bitfinex breach, while Morgan actively participated in obscuring the origin of the stolen funds after discovering her husband’s involvement in 2020. The prosecution’s request is influenced by Lichtenstein’s cooperation in other criminal investigations, potentially leading to a lighter sentence. Earlier this year, he faced a ruling in a separate money laundering case involving Bitcoin Fog. Lichtenstein and Morgan utilized sophisticated techniques to launder the stolen cryptocurrencies. They engaged with various cryptocurrency exchanges and darknet markets to manage and spend the illicit funds. Purchases included NFTs, gold, and gift cards, demonstrating a pattern of extravagant spending. As legal proceedings unfold, the expected harsh penalties aim to deter similar future offenses, underscoring the increasing involvement of regulatory bodies in enforcing security within the cryptocurrency sector. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/us-court-considers-sentence-for-crypto-hacker

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Filed under: News - @ October 16, 2024 12:23 pm