A New York City couple has admitted their guilt in the case of money laundering related to the massive $3.6 billion Bitfinex hack.
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More than a year has passed since the arrest of Ilya Lichtenstein, 35, and his wife, Heather Morgan, 33, in February 2022. This arrest followed the confiscation of around 95,000 stolen crypto assets that were under the defendants' possession. At that time, the funds were estimated to be worth $3.6 billion.
Subsequently, the U.S. government has announced the seizure of an additional approximately $475 million linked to the breach.
According to the U.S. Department of Justice (DoJ), Lichtenstein employed various sophisticated hacking tools and techniques to infiltrate Bitfinex's network. Once inside, he deceitfully authorized over 2,000 transactions, resulting in the transfer of 119,754 bitcoin to a cryptocurrency wallet under his control.
Furthermore, it is alleged that Lichtenstein involved his wife in the process of laundering the illicit cryptocurrency proceeds. They employed a range of diverse and intricate methods, such as creating online accounts using fake identities, converting a portion of the bitcoin into gold coins and other crypto assets, and concealing the money trail by utilizing mixing services to transfer the funds.
Chainalysis, a blockchain analytics firm, revealed that a significant portion of the illicit funds was funneled into the now-defunct darknet market AlphaBay. This market served as a mixer by depositing the stolen Bitcoin and subsequently withdrawing equivalent amounts, as noted by Chainalysis last month.
Lichtenstein, a citizen of Russia, could potentially be sentenced to a maximum of 20 years in prison. Meanwhile, Morgan, who admitted guilt to one charge of money laundering conspiracy and one charge of conspiracy to defraud the United States, may face a maximum prison term of 10 years.
https://vid.alarabiya.net/images/2023/08...00x676.jpg
More than a year has passed since the arrest of Ilya Lichtenstein, 35, and his wife, Heather Morgan, 33, in February 2022. This arrest followed the confiscation of around 95,000 stolen crypto assets that were under the defendants' possession. At that time, the funds were estimated to be worth $3.6 billion.
Subsequently, the U.S. government has announced the seizure of an additional approximately $475 million linked to the breach.
According to the U.S. Department of Justice (DoJ), Lichtenstein employed various sophisticated hacking tools and techniques to infiltrate Bitfinex's network. Once inside, he deceitfully authorized over 2,000 transactions, resulting in the transfer of 119,754 bitcoin to a cryptocurrency wallet under his control.
Furthermore, it is alleged that Lichtenstein involved his wife in the process of laundering the illicit cryptocurrency proceeds. They employed a range of diverse and intricate methods, such as creating online accounts using fake identities, converting a portion of the bitcoin into gold coins and other crypto assets, and concealing the money trail by utilizing mixing services to transfer the funds.
Chainalysis, a blockchain analytics firm, revealed that a significant portion of the illicit funds was funneled into the now-defunct darknet market AlphaBay. This market served as a mixer by depositing the stolen Bitcoin and subsequently withdrawing equivalent amounts, as noted by Chainalysis last month.
Lichtenstein, a citizen of Russia, could potentially be sentenced to a maximum of 20 years in prison. Meanwhile, Morgan, who admitted guilt to one charge of money laundering conspiracy and one charge of conspiracy to defraud the United States, may face a maximum prison term of 10 years.