Cryptohack Roundup: Conviction in Uranium Finance Hack

Every week, ISMG rounds up cybersecurity incidents in digital assets. This week, a cybersecurity consultant convicted in a $54 million exploit case, a $30 million penalty in Fundsz fraud case, Near Intents halted services after $3.8 million hack, Abstract Blockchain will close, Velocity will reimburse hack victims, the United States withdrew two regulation proposals, a ZackXBT probe into North Korean laundering operation and crypto wallets linked to a ransomware gang.

Cybersecurity Consultant Convicted in $54M Crypto Hack

A U.S. federal jury convicted Maryland cybersecurity consultant Jonathan Spalletta of computer fraud and money laundering for stealing more than $54 million from cryptocurrency exchange Uranium Finance in two attacks in April 2021.

Spalletta exploited flaws in the exchange's smart contracts, programs that automatically execute cryptocurrency transactions, to withdraw funds he was not entitled to receive.

He stole approximately $1.4 million in the first attack and $53.3 million in the second, forcing Uranium Finance to shut down.