As a seasoned crypto investor with over two decades of experience in this dynamic industry, I can’t help but feel a mix of emotions reading about the sentencing of Heather “Razzlekhan” Morgan and her partner Ilya Lichtenstein for their roles in the $10.8 billion Bitfinex hack.
According to the court, Heather “Razzlekhan” Morgan received a sentence of approximately two years in prison due to her involvement in the Bitfinex hack which resulted in losses worth $10.8 billion, as stated on November 18.
As an analyst, I can disclose that I was privy to a scheme orchestrated by myself and my partner, Ilya Lichtenstein, in which we attempted to pilfer approximately 120,000 Bitcoin (BTC) from the cryptocurrency exchange, Bitfinex. At that time, this amount equated to roughly $17 million. The authorities apprehended us in February 2022, and subsequently, in July 2023, we admitted guilt to charges of conspiracy and money laundering.
U.S. District Court of the District of Columbia Judge Colleen Kollar-Kotelly said Morgan willfully committed serious crimes and only stopped when forced to by law enforcement. Morgan claimed she learned of Lichtenstein’s theft after the fact. Her statement at the hearing expressed shame and regret for aiding her husband in the Bitfinex hack.
In truth, you were equal collaborators in the money laundering operation. You chose not to cease your involvement until your apprehension occurred.
Judge Colleen Kollar-Kotelly
The American court decided to impose a 18-month jail term on Morgan, which is consistent with what the prosecutors suggested. Meanwhile, Lichtenstein, who orchestrated the hack, received a five-year prison sentence last week.
In essence, if the full penalties had been applied, they would have faced a combined prison sentence of 25 years. Yet, Lichtenstein and Morgan managed to launder about 20% of the illegal profits. The pair were also required to forfeit all earnings from the heist following allegations by federal authorities that they had defrauded the U.S. and meticulously planned methods to clean their money.
According to the investigators’ reports, Lichtenstein and Morgan allegedly transferred assets between various blockchains, employed cryptocurrency tumblers to conceal their digital trails, traded cryptocurrencies on underground marketplaces, and ultimately purchased gold as a means of laundering the money they had illegally obtained.
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2024-11-19 14:12