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Five-Year Prison Sentence for Man who Stole 120,000 Bitcoin from Bitfinex in 2016

More than 120,000 bitcoin were stolen in a 2016 breach of Bitfinex. Seven years later the perpetrator pleaded guilty. And Thursday he was sentenced to a five-year prison term, reports the Associated Press: Ilya Lichtenstein masterminded one of the largest-ever thefts from a virtual currency exch...

Seven years later the perpetrator pleaded guilty.And Thursday he was sentenced to a five-year prison term, reports the Associated Press: Ilya Lichtenstein masterminded one of the largest-ever thefts from a virtual currency exchange before he and his wife, Heather Rhiannon Morgan, carried out an elaborate scheme to liquidate the stolen funds, according to federal prosecutors... "Over half a decade, the defendant engaged in what IRS agents described as the most complicated money laundering techniques they had seen to date," prosecutors wrote... Authorities seized the remaining funds, collectively valued at over $6 billion at current prices... An attorney for Bitfinex said the hack "devastated" its finances and its reputation with its customers, with the stolen funds accounting for approximately 36% of the company's assets at the time of theft. A prosecutor said Lichtenstein immediately began cooperating with federal authorities after his arrest, helping them with other cybercrime investigations.

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