Leader of Crypto Heist Worth Billions Gets Five-Year Sentence

Bloomberg11-15 05:31

(Bloomberg) -- The mastermind behind one of the biggest-ever Bitcoin heists was ordered to serve five years in prison for conspiring with his social-media rapper wife to launder money he stole by ...

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Prosecutors recommended he get five years. Morgan, known as “Razzlekhan” in her rap videos, will be sentenced Nov. 18. The government recommended an 18-month sentence for her.  Lichtenstein faced as long as 20 years behind bars under sentencing guidelines. But the government cited his substantial assistance that “has benefitted numerous investigations.” The Bitfinex hack resulted in the theft of 119,754 Bitcoin worth about $71 million at the time. But since then, the cryptocurrency has surged from $580 to more than $90,000 this week, boosting the value of the assets to billions. Lichtenstein, a “highly skilled computer expert,” used several hacking techniques to gain access to the Bitfinex network, and then, in August 2016, fraudulently authorized more than 2,000 transactions to move Bitcoin to a cryptocurrency wallet he controlled, the government said. He and his wife used sophisticated and meticulous money-laundering techniques to hide the stolen proceeds, including setting up accounts under fictitious identities, moving funds in small amounts, and breaking up the trail of transactions by depositing and withdrawing funds from crypto exchanges and darknet markets. They bought nonfungible tokens, gold and Walmart gift cards, according to the government. The case is USA v. Lichtenstein, 23-cr-00239, US District Court, District of Columbia (Washington).©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483355510"}