A hacker who stole $37 million in cryptocurrency has pleaded guilty to charges of wire fraud in a U.S. federal court. The individual, who exploited vulnerabilities in a decentralized finance (DeFi) platform, used sophisticated techniques to siphon funds from users’ accounts.
The hacker, whose identity remains undisclosed, manipulated the platform’s smart contracts to drain large sums of cryptocurrency, including Ethereum and Bitcoin, from unsuspecting users. The theft, which took place in 2020, is part of a growing trend of cyberattacks targeting DeFi platforms, highlighting the vulnerabilities in decentralized financial systems.
Following the guilty plea, the hacker faces a significant prison sentence, with authorities working to recover the stolen assets. The case underscores the urgent need for improved security measures across the DeFi sector to protect users from future attacks.
