ChainCatcher news, Nirvana Finance announced its recovery plan following the hack of its protocol in July 2022. In July 2022, hacker Shakeeb Ahmed stole approximately $3.5 million in stablecoins by manipulating the protocol's pricing mechanism.After collaborating with the U.S. Department of Justice, Department of Homeland Security, and IRS, Nirvana successfully recovered the stolen funds and secured a three-year prison sentence for Ahmed, who was also ordered to return the cryptocurrency and pay $3.4 million in restitution. Nirvana plans to launch the V2 mainnet in mid-October and initiate the victim compensation process.

ChainCatcher news, U.S. Attorney for the Southern District of New York Damian Williams announced today that SHAKEEB-AHMED pleaded guilty to hacking two independent decentralized cryptocurrency exchanges, one of which was Nirvana Finance, hacked in July 2022. AHMED admitted to committing computer fraud before U.S. Magistrate Judge Ona T. Wang. AHMED also agreed to forfeit over $12.3 million, including approximately $5.6 million in cryptocurrency obtained through fraudulent means.Damian Williams stated: "Five months ago, my office announced the first-ever arrest related to smart contract attacks. Today, Shakeeb Ahmed pleaded guilty and agreed to return all stolen cryptocurrency to the victims. This arrest marks the first-ever conviction for such hacking activities."

ChainCatcher News: The U.S. Attorney's Office for the Southern District of New York has charged former security engineer SHAKEEB AHMED of an international tech company, accusing him of executing a flash loan attack on a decentralized exchange on the Solana blockchain in July 2022, stealing approximately $9 million in cryptocurrency. SHAKEEB AHMED has been arrested in New York and is charged with wire fraud and money laundering, each carrying a maximum sentence of 20 years in prison.