$55 Million Crypto Hack Trial Begins for Consultant Accused of Buying Rare Collectibles

A Maryland cybersecurity consultant, Jonathan Spalletta, went on trial in New York for allegedly stealing nearly $55 million in hacked cryptocurrency and spending some of it on rare collectibles.

The U.S. Department of Justice indictment alleges that Spalletta exploited weaknesses in the smart contracts of Uranium Finance, a decentralized cryptocurrency exchange, twice in April 2021.

The first alleged attack occurred on April 8, resulting in the theft of approximately $1.4 million in cryptocurrency. The second attack, on April 28, led to the theft of around $53.3 million in crypto.

Prosecutors claim that Spalletta laundered the stolen funds through Tornado Cash before using them to purchase rare Pokémon cards and other collectibles, including a Black Lotus Magic: The Gathering card for approximately $500,000 and 18 sealed Alpha booster packs for around $1.51 million.