Ex-Amazon Engineer's High-Tech Heist: $9M in Crypto

GM Readers!📪 It's BitDegree Insider, and let's roll up our sleeves.

⭐️Today's selection:

• 🧋Wednesday Bubbles
• 👏News from BitDegree & YouHodler
• 👌Selected Meme of The Day
• 📰Bite-Sized News

WEDNESDAY BUBBLES

It's Wednesday. It's that time of the week when we take a long look into the crypto landscape, and get to appreciate and analyse the panorama.

Here's what things look like:

Let's begin with FTT. It's +20% in a day! Why's that?

The FTX exchange has begun accepting applications for refunds.

When the news got announced, people rushed to the FTX's website. This is what the first visitors saw:

However, this didn't last long. Eventually, everyone was greeted by this message:

Ouch. Very FTXish. Definitely triggered some PTSD for the hardcore FTT investors.

Nevertheless, the FTT token is still performing.

It's probably because people are hopeful that this is just a temporary issue. There have been positive examples from the not-so-distant past that may put people in an optimistic mood.

For example, back in February 2023, the Japanese division of the bankrupt crypto exchange FTX allowed withdrawals. Users could get their assets through the Liquid Group trading platform, which has been owned by FTX since February last year.

So, it means… It's all possible, after all. Let's hope so!

The FTX website is having problems because of a simple reason. It's overloaded with traffic. Just make sure to double-check all the links later and stay safe. They should get back soon. Hopefully.

But that's just applications for refunds. The question arises - will FTX really return the users' money back to users?

Now, it's time to talk about Solana. Looking at Solana's performance in the shape of a bubble… It does shine like a real sun! What's going on?

Well, nothing in particular, but a curious story with a twist:

In New York, a hacker who targeted the DEX on Solana has been arrested. And he was quite the troublemaker.

34-year-old Shakeeb Ahmed, a former senior security engineer at Amazon, had allegedly orchestrated a $9 million crypto heist.

But this was no ordinary theft. Ahmed had hacked the Crema Finance protocol on Solana, employing his tech expertise in reverse engineering smart contracts.

After the cyber heist, Ahmed tried a unique approach to mitigate the fallout - he offered to return most of the stolen loot, keeping $1.5 million to himself.

However, his attempts to strike a deal didn't save him from the long arm of the law.

From plotting an intricate cyber heist to attempting to negotiate his way out, Ahmed's saga took another twist. Sometimes you can plan whatever you want, but life has other plans for you.

His post-hack online activities suggest desperate attempts to sidestep the law, with his browser history painting a picture of panic - filled with searches on evasion, legal consequences, and securing stolen assets.

Appearing for his arraignment in court, Shakeeb Ahmed donned a casual outfit consisting of flip-flops, shorts, and a T-shirt emblazoned with the phrase "I code."

Post his court appearance, he has been released on bond. 

His connection to Amazon has been confirmed by a spokesperson, though further details about his role were not provided.

Prosecutor Damian Williams called it "the first ever criminal case involving an attack on a smart contract operated by a decentralised exchange."

Well, that sets a new record. And, ironically, it's Solana that celebrates.

And finally, what's going on with MATIC?

The robust performance of MATIC is attributed to the anticipatory buzz surrounding the forthcoming upgrade of the Polygon 2.0 network. This suggests that we may continue seeing MATIC performing rather than not, not bad at all.

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SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Bank of China Explores Offline Digital Yuan Transactions via Special SIM Cards. Offline e-CNY transactions with SIM cards will be available only to select Android devices in a few trial regions.
• Former Tech Firm Employee Indicted for Alleged Crypto Heist. The malicious actor behind the Solana-based DEX exploit faces charges of wire fraud and money laundering.
• Cathie Wood's ARK Invest Unloads Over 135,000 Coinbase Shares Amid Price Jump. Sold shares accounted for just 0.14% of all shares held by ARK Invest.